8/28 Weekly News Update

The North Carolina Commission of Banks, the primary state regulator for banks and other financial institutions, revealed that while it is working to establish regulations, they’re approaching the issue differently than the NYDFS. North Carolina intends to treat bitcoin and other virtual currencies as “monetary value” as outlined in their Money Transmitters Act. While many virtual currency companies are still required to apply for a money transmitter license, the terms do appear to be less restricive than the BitLicense proposal. The NCCOB plans to review all companies on a case by case bases, but has clarified that ” At a minimum, any entity that receives virtual currency for transmission to a third party or holds funds incidental to the tran

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