California State Assembly approves Bitcoin regulation billbr>
California’s State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks.
Formulated by Assemblyman Matt Dababneh, chairman of California’s Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour.
The license applicants would incur a $5,000 non-refundable registration fee; would be required to complete an application which includes identifying any previous virtual currency services provided by the applicant.
According to California’s legislative process, if the bill is approved by the Senate, it will proceed to the state’s Governor who can either sign it into law, allow it to become law without a signature or veto it.
The news comes amid increasing regulatory pressure from state legislators.