North Carolina Shrugs as Lawmakers Define Bitcoin
New cryptocurrency legislation was passed into law North Carolina by Governor Pat McCrory. Signed on July 6, the “Money Transmitters Act” defines virtual currencies as permissible investments, electronic and digital mediums, and digital records. North Carolina Opts for Regulation. This law gives definition and representation to virtual currencies, such....
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North Carolina Gov. Pat McCrory has signed a law that defines “virtual currency” and clarifies what activity triggers licensure. The Chamber of Digital Commerce views the measure as a historical moment for state regulation of virtual currencies and blockchain technology. The ratification of the bill, also known as the North Carolina Money Transmitter Act, follows 16 months of deliberations between the chamber, the state’s General Assembly and the North Carolina Commissioner of Banks. The General Assembly approved the bill last month, CCN reported. Law Defines ‘Virtual Currency’. The law....
Following a majority vote of the North Carolina Senate, the General Assembly of the state has now approved the amendment of a statutory article – the North Carolina Money Transmitters Act. The move will see the term “virtual currency” added to the existing law. Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate. In May 2016, North Carolina state’s House of Representatives overwhelmingly voted in a 117-to-1 vote, seeking the update before the recent approval from....
A legislative bill that would cover bitcoin and digital currency related business activities has advanced in the North Carolina Senate. According to the The Associated Press, the Senate Commerce Committee gave its stamp of approval to SB 680, which was originally filed in March. The bill passed in the North Carolina House of Representatives by a wide majority of 117-1 in May. As noted by a spokesperson for the North Carolina's Commissioner of Banks at the time, the bill - which amends the state's Money Transmitters Act - covers any activity "involving a personal, family or household....
The North Carolina Senate Commerce Committee has agreed to support a House Bill drafted by North Carolina's banking commissioner regarding money transmission. The bill, titled "AN ACT TO ENACT THE NORTH CAROLINA MONEY TRANSMITTERS ACT AS 3 REQUESTED BY THE OFFICE OF THE NORTH CAROLINA COMMISSIONER OF 4 BANKS," states that money transmission includes maintaining control of virtual currency on behalf of others, and that the "online-only money" [bitcoin] is converted to cash using digital currency exchanges and the holder keeps it stored online. The bill passed the House back in May and is in....
Digital currencies and lawmakers are formally crossing paths ever more frequently. In the US, it is North Carolina which most recently took on the challenge of marrying them together with local legislation – more pragmatically, it would seem, than in New York. While furor about the BitLicense scheme rages on further up the coast, NC’s primary financial regulator The North Carolina Commission of Banks (NCCOB) is mulling a refreshingly moderate approach for policy within state borders, coinfinance.com notes. The organization said yesterday: This “keeping pace” is set to occur in the form of....