North Carolina Senate, the General Assembly of the state, on Monday approved an amendment to the state's Money Transmitters Act which will see addition of bitcoin to its existing law.
With the approval of bill, bitcoin exchanges and other related companies in North Carolina should mandatorily obtain a money transmitter license. The approved proposal did not mention bitcoin specifically, instead mentioned the inclusion of virtual currency, Cryptocoinsnews.com reported.
According to CoinDesk.com, in order to apply for the money transmitter license, the state of North Carolina charges $1,500. In addition, a base amount for annual assessment amounting to minimum of $5,000 is also charged.
The new amended bill incorporates much of the current law and clearly identifies digital currency as subject to the law. The bill will be sent to the state governor, Pat McCrory for consideration after passed by both the chambers.
Earlier this month, North Carolina Senate Finance Committee meeting was held that supported a blockchain-friendly Senate Bill 680 sponsored by Senator Rick Gunn. The meeting saw representatives from blockchain industry and the center of discussion was on the state’s Money Transmitters Act and changes to the legislative framework.
