Good news awaited Cryptocurrency community in the state of North Carolina, on Wednesday. The government has introduced pro-crypto currency legislature, which will legalise activities of cryptocurrency companies in the state.
Welcoming the much awaited legitimisation by the government, Coinbase Executive Mike Lempres says, “by helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.”
House Bill 86
The General Assembly of the state of North Carolina has ratified a bill under its Money Transmitters Act. The Bill called, House Bill 86, is the first of its kind legislation as it will incorporate references to the new age financial products such as digital currencies.
Bill 86 includes the framework to define the spectrum of digital currencies that are used in the markets today and includes definition of bitcoin, as well as other tokens. It will also make a provision for cryptocurrency businesses to hold a license and list their activities with the state administration.
The third critical aspect of this legislation is that the, government can place a request with such licensee firms for data from time to time. The Commissioner of Banks, Ray Grace said that, “if the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.”
Wyoming also pro-crypto technology now
Earlier the state of Wyoming has also passed its own legislation on use of blockchain and cryptocurrency. The changes were introduced in the money transmission laws, allowing companies such as Coinbase to reintroduce their services in the state.
Earlier, services were suspended in Wyoming by Coinbase as the requirements in the state, made it impossible for the exchange to operate for all practical purposes.
Coinbase officials have commended Wyoming’s passage of new laws, and in response have commenced services thereafter. Earlier in North Carolina, Commissioner Grace was supported by the representatives Tim Moore, Bill Rabon, Dan Bishop, Jon Hardister, Jason Saine, Stephen Ross, and Jeff Tarte.
Coinbase Legal and Complian officer, Mike Lempres added that, “Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission law.”
House Bill 86, is currently in final revision and will be tuned to include the three points of – defining virtual coins, tokens and the process of licensure of businesses, so to document their activities with the state government. The Bill was passed with 104 members voting for it.
There were no votes against passing of the bill, except for one vote which was invalid. The Bill was introduced back in june 2017, under the aegis of the Commerce and Insurance department, with specific references to the Rules and Operations of the Senate.
Cryptocurrency environment, given the positive opportunities being created by law, will change for the better.