NYDFS Approves First BitLicense for Operating Bitcoin Teller Machines Last week the New York State Department of Financial Services (DFS) granted Coinsource, Inc. a BitLicense to operate Bitcoin Teller Machines (BTM) in the state. Coinsource operates 40 Bitcoin kiosks in New York City, Westchester, and Nassau. The touchscreen kiosks allows customers to convert cash to […]

Defining Blockchain: Blockchain Promotion Act This Monday, October 1, it was announced that members of the Energy and Commerce Subcommittees introduced the Blockchain Promotion Act of 2018 bill (H.R. 6913) to direct the Secretary of Commerce to establish a Blockchain working group. Congresswoman Doris Matsui and Congressman Brett Guthrie of the House of Representatives and members of the […]

The New York Department of Financial Services (NYDFS), the agency responsible for regulating virtual currency and BitLicenses, approved “Stablecoin” on September 10, 2018. This price-stable cryptocurrency is being offered by the Winklevoss brother’s Gemini and Paxos Trust Company, one of the exclusive few companies allowed to operate cryptocurrency in the state of New York. Cameron […]

Bitcoin “Exchanger” without Money Transmitter License Indicted on 28 Counts of Money Laundering California native Jacob Burrell-Campos, 21 years old, has been arrested at the U.S-Mexico border for dealing on bitcoin without a money transmitter license. He was held without bail on charges of operating an “illegal money transmitting business,” the United States Department of […]

Coinbase Renews Wyoming Money Transmitter License Bringing Bitcoin Back to The Cowboy State Coinbase, one of the largest Bitcoin and cryptocurrency exchanges set out with an ambitious goal to operate in all 50 states and beyond, adhering to every federal and state regulations.  That endeavor proved to be a challenge as various states’ regulations had […]

CFPB Announces The New Office of Innovation Last week the Consumer Financial Protection Bureau (CFPB) issued a press release assigning the new Director for the Office of Innovation, Paul Watkins, a FinTech regulator from Arizona’s Office of the Attorney General. Similar to the FTC’s Blockchain Working Group and LabCFTC, the Office of Innovation will engage experts in […]

CFO Jimmy Patronis: Florida Needs Cryptocurrency Chief ~Cryptocurrency Oversight Initiative Receives Support from Senate President-Designate Bill Galvano~ TALLAHASSEE, Fla.— Florida Chief Financial Officer (CFO) Jimmy Patronis today released a statement on the need for Florida to provide oversight of the growing industry of cryptocurrency by creating a statewide cryptocurrency chief. CFO Jimmy Patronis said, “Florida can […]

Square Joins Xapo, Genesis in New York BitLicense Grant for 2018   Last week the New York State Department of Financial Services (DFS) announced approval for Square, Inc. virtual currency licence or BitLicense, bringing the grand total of Bit Licensees to seven since the scheme was implemented in 2015, with two other charters approved for […]

Washington Money Transmitters and Currency Exchanges Assessment Deadline The State of Washington announced today the deadline for Money Transmitters and Cryptocurrency exchanges Annual Assessment, July 2nd 2018. Reports and payments must be filed through the Nationwide Multistate Licensing System (NMLS) website by July 2nd lest fines and penalties will apply. Washington State has been very active […]

South Carolina Introduces Money Services Division to Govern Money Transmitters South Carolina Office of the Attorney General has just announced yesterday a new division to govern Money Service Businesses and Currency Exchange Businesses. The Attorney General will be the commissioner of the Money Services Division and the law requiring licensing will come into effect May […]