The General Assembly of North Carolina has approved the amendment of a statutory article, the North Carolina Money Transmitters Act, after it was supported by the majority of the North Carolina Senate. The approval by the General Assembly means that the term “virtual currency” will be added to the current list.
CCN informs that the House of Representatives of North Carolina approved the amendment by a 117-to-1 vote last month, seeking the update before the recent approval from yesterday saw the state’s Senate join in with the same vote.
The current amendment to the bill seems to be a judicious measure to regulate digital currencies as well as bitcoin and blockchain industry in particular.
The approved update proposal doesn’t specify bitcoin while includes cryptocurrencies within the newly voted-for measure. The initiative authorizes bitcoin exchanges and related companies in North Carolina to get a money transmitter license.
According to Perianne Boring, the founder and president of the Chamber of Digital Commerce (CDC), a trade association and advocate for bitcoin and the blockchain industry, “the passage of this act into law is good for business, jobs and innovation in North Carolina.”
The CDC called the initiative a “business-friendly regulatory approach” comparing it to the position taken by New York state.
Carla Reyes, an associate at Perkins Coie LLP and an incoming law faculty member at Stetson University College of Law, also approved of the proposed law saying that it reflects ongoing efforts of the Uniform Law Commission and previous work by the Conference of State Bank Supervisors.
“The importance of clarity provided through legislative action for members of the industry cannot be overstated, and the act offers both that clarity and other important updates to North Carolina money transmission law,” said Reyes.
Japan also didn’t keep out of the attempts to regulate the cryptocurrency industry. In the beginning of spring Japanese authorities presented a set of bills that recognize virtual currencies as asset-like values for digital payments. According to the bills, cryptocurrencies were to granted similar functions with real money, which in turn enabled banking groups to expand their information technology business.
The bills foresaw measures to allow regional banking groups to easily consolidate their fund and system management after realignment, as well as improve their business efficiency.
Virtual currency exchanges will need obligatory registration with the Financial Services Agency. This measure is taken to prevent money laundering and improve protection of the virtual currency users. The necessity for cryptocurrency regulation became obvious after the report of Financial Action Task Force, an international body on countering money laundering and terrorist financing, last year.