North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.

North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously

On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:

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.

Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’

Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation…

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