North Carolina Bitcoin Law Arrives with Side-Effects, Experts Say
Recent North Carolina Bitcoin law is a step in the right direction, leaving room for improvement but may arrive with its own side-effects. On July 6 2016, the Governor of North Carolina, Pat McCrory, signed a long-debated Bitcoin bill into law. This bill expands the state’s Money Transmitters Act to cover activities related to Bitcoin and other Blockchain-based digital currencies. Cointelegraph asked experts about their take towards this development of how the bill could affect Bitcoin acceptance, its development and that of other cryptocurrencies. Good step forward for Bitcoin. Lisa....
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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....
Bitcoin services provider Xapo has confirmed that it will no longer operate in the state of North Carolina. The company, which recently moved its headquarters to Switzerland, cited state-level regulation as the decisive factor behind its decision. Earlier today, one North Carolina customer posted a message on Reddit stating that they had received a 30-day closure notice. Speaking to CoinDesk, Wences Casares, founder of Xapo, said: "It is correct that we are not operating in North Carolina. We do not have a money transmitter license in that state and we think the effort to comply with their....
A bill placed before the North Carolina Senate could see the Old North State implement mandatory licensing for companies operating with digital currency. Lawmakers surrounding Bill H289, which passed the House earlier this month, say it is centered on security and consumer protection and aims to ensure companies adhere to know-your-customer (KYC) requirements. Local publication Citizen-Times cited Banking Commissioner Ray Grace, who called for legislation to be brought forward: “There’s two sides to the Bitcoin. One side is the clear potential value of the innovation, and what that could....