EU State-By-State Regulation: What Are the Implications?
The European Commission’s recent decision to delay new anti-money laundering legislation by six-months is the latest in a string of new developments impacting digital currencies in the EU. This proposed directive which will now be pushed back to June 2017, proposes stricter controls around corporate entity structures and virtual currencies, with greater....
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A recently drafted piece of legislation covering bitcoin regulation and cryptocurrency activity oversight has advanced in the North Carolina Senate. The Commerce Committee already gave its stamp of approval to SB 680, which was originally filed in March and gained a majority 117-1 vote from the state's House of Representatives in May. This bitcoin regulation bill would give the state banking commissioner authority over money transmitting operations, which span bitcoin exchanges and virtual currency creators. Bitcoin Regulation Implications. While not as strict as New York's BitLicense, the....
The Bitcoin regulation in New York will be affecting many digital currency companies for quite some time to come. And by the looks of it, one company is already halting all of their services in the state of New York, as a protest against the BitLicense regulation. ShapeShift feels the time has come to take a stand against this “immoral and unethical” regulation of Bitcoin. When the final version of New York’s BitLicense was revealed, many Bitcoin enthusiasts were rather unhappy with the outcome. It goes without saying this regulation could be very harmful to Bitcoin-related companies....
Conference of State Bank Supervisors (CSBS) is a 100-year-old trade organization for state regulators that primarily concerns itself with representing state regulators interests and dealing with issues facing the industry to federal and state authorities. One of their primary invitations is advocating consistent regulations among the financial industry from state to state. The organization announced a new focus on emerging financial technologies in February of 2014. They formed a task force for emerging payment systems whose purpose was to research and develop regulations for those new....
Following the BitLicense framework in New York, another US state is considering implementing legislation for bitcoin legislation. According to the California Department of Business Oversight (DBO), it has decided not to exercise its authority to regulate bitcoin and digital currencies. Instead, the agency will leave this up to state legislature. However, DBO spokesperson Tom Dresslar said that they haven't finalized their decision. "We're still in the process of how or if at all to regulate virtual currency business under our current statutory scheme," he explained. California Bitcoin....
New York State Department of Financial Services will hold a two-day public hearing pertaining to the regulation of virtual currencies on January 28th and 29th. Considering the popularity of the technology and merits over any other transfer of wealth method, the Empire State is looking to lead the world into proper regulation. This is big information for the group that founded the Bitcoin Center in NYC: When the term "regulation" is thrown around, it falsely is considered a bad thing for the participants of virtual currencies. Proper regulation is the overarching solution to bring Bitcoin....