North Carolina House Seeks Oversight of Bitcoin Activities

House Bill 289

A bill calling for specific regulation of digital currencies such as bitcoin has been approved by the North Carolina House of Representatives and has moved to the state Senate for further deliberation.

House Bill 289 seeks to enact a new Money Transmitters Act (MTA), which would specifically address the transmission of virtual currencies such as bitcoin.

It was submitted by Republican Representative Stephen M. Ross, who outside of his capacity as a state representative serves as a vice president and investment officer at Wells Fargo. He filed the bill on behalf of the North Carolina’s Commissioner of Banks (NCOOB).

Rep. Ross was unavaialble for comment. When asked about the bill, a spokesperson for NCCOB told CoinDesk:

“Like existing law, the bill requires bitcoin transmitters to obtain a license from our office. The Bill, however, clarifies that only virtual currency transmission involving a personal, family or household purpose (as opposed to business-oriented transmission) is subject to the Money Transmitters Act. It also defines virtual currency consistently with federal financial regulation.”

The existing MTA, enacted in 2001, already regulates non-bank companies that engage in the business of transmitting funds on behalf of others in a bid to

Read more ... source: CoinDesk