NC Bank Comm’r: some Bitcoin business not regulated under money transmitters act

In a reversal of position from of legislation considered last term, the North Carolina Commissioner of Banks updated its FAQ page today to clarify that certain businesses dealing in virtual currencies, including miners, are not covered under the Money Transmitters Act. More specific regulation would depend on the kind of trades or relationships the business is making. This change is in order to take advantage of the growth in the blockchain area. North Carolina is my home state, so I am all for it striving to be the cryptolegal jurisdiction of choice, the digital Delaware.

 

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