Bitcoin bill approved by the North Carolina state Senate

Regulation | June 29, 2016 By:

The North Carolina General Assembly has now approved an update to the state’s Money Transmitters Act. It is now headed to the governor for his signature.

Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate.

The bill replaces the current statutory article pertaining to money transmission licenses, incorporating much of the existing law and explicitly identifying virtual currencies such as bitcoin as subject to the law.

Forty-three members of the North Carolina Senate voted to pass the measure. Three legislators voted against the update. The approval came after the state House of Representatives voted overwhelmingly in favor of the update in mid-May.