Just a year ago, the Banking Department of the Vermont Department of Financial Regulation issued a position that was to prove difficult for money transmitter operations. The position in question focused on money transmission law and noted that the law did “…not exempt a payment processor an agent of a payee from licensure.” This law […]

Money transmission is going to undertake some forms of change in both Michigan and California. Both have to do with what is know as an “agent of payee” and how the definition of the term. In the state of Michigan has passed through legislation in which transactions enacted by an “agent of payee” are not […]

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 […]

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 […]

New York BitLicense May Be Replaced by Digital Seal Getting Rid of Fees Just over a year ago on January 2017, Coinbase became the third virtual currency business to obtain a New York Bitcoin license, or ” BitLicense, ” granted by the New York Department of Financial Services (DFS). The New York Bitcoin Licensing scheme […]

Under New Crypto-friendly Laws, Virtual Currency Exempt from Taxes in Wyoming Last Month the State of Wyoming made headlines for passing a series of revolutionary laws turning the state into one of the most cryptocurrency friendly jurisdictions. One of the laws, HB70 makes Wyoming the only state in the Union to define Tokens as a […]

Oregon State Agency Receives Coinbase and Digital Currency Complaints, Offers Warnings On January 10, 2018 The Bend Bulletin reported that Oregon’s Department of Consumer and Business Services received complaints from consumers related to Coinbase. Spokes man Brad Hilliard said the costumer complaints were in regards to delays in receiving their digital currency on Coinbase. Since […]