While the New York Department of Financial Services (NYDFS) is currently allowing members of the cryptocurrency community to comment on recently-released so-called ‘BitLicense’ regulations, it would appear as if North Carolina is taking more of a laid-back approach.
The North Carolina Commission of Banks (NCCOB) — the agency responsible for financial regulation in the state — has said their idea is more about clarifying regulations as they apply to cryptocurrency as opposed to drafting anew.
“Virtual currency regulation is already within the scope of the NC Money Transmitters Act. Our goal in promulgating administrative regulations is to clarify our regulatory position with respect to virtual currencies,” a spokesperson from the Commission told bitcoin news website CoinFinance.
Under said Money Transmitters Act, the state will reportedly be treating cryptocurrency as “monetary value” — though they add that due to concerns about current law applying to the fast-paced digital currency space, “further legislation may be required.”
Under the North Carolina Money Transmitters Act, companies with a net worth no less than $100,000 are required to obtain a license from the state. Even if they deal in digital currency, apparently.
In New York, things differ. The NYDFS aims to create a separate license for the purpose of cryptocurrency businesses — and initiative that has been met with no shortage of resistance along the way.
The spokesperson from NCCOB adds:
NCCOB plans to evaluate each application on a case-by-case basis. At a minimum, any entity that receives virtual currency for transmission to a third party or holds funds incidental to the transmission of virtual currency to a third party will be expected to apply for a license. The NC Money Transmitters Act applies to companies that that make their services available to North Carolina residents via the internet, even though the company does not have a physical location in this state. These companies would be expected to file an application for licensure.
At this juncture, planning for the regulation is still in its early stages, and the NCCOB says they’ll be publishing any information related to the matter on their website.
Proposals made by the NCCOB will be subjected to a public commenting period, much like we’re seeing taking place in the New York at this time.
The North Carolina Commission of Banks (NCCOB) — the agency responsible for financial regulation in the state — has said their idea is more […]