Bitcoin Gains Ground: North Carolina Moves To Establish State Reserve

North Carolina is the most recent US state to introduce a strategic Bitcoin reserve bill. That’s not only good news for Bitcoin – it’s great news for the entire crypto market, including meme coins. North Carolina Speaker of the House Destin Hall announced on X that he had filed the North Carolina Digital Assets Investments […]

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....

Representatives of the blockchain industry spoke today at a North Carolina Senate Finance Committee meeting to advocate for a bill that they believe is among the more favorable seen so far at the state legislative level. At the center of discussion today was the state’s Money Transmitters Act, and changes to the legislative framework that would update the rules in accordance with guidance issued by the North Carolina Office of the Commissioner of Banks (NCCOB) last December. Sponsored by Senator Rick Gunn, Senate Bill 680 would update the definition of money transmission to include any....

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....

Following the advance of North Carolina's revamped Money Transmitters' Act earlier this month, bitcoin services provider Xapo announced that it will no longer be operating in the state. The company cited state-level regulation as the main factor in their decision. The North Carolina Senate has already passed the bill covering bitcoin services regulation and is pending approval of the state's governor. Upon this, the bill would mandate minimum net worth requirement of $250,000 for applicants. Businesses would also be required to post a surety bond of $150,000, an amount subject to change....