North Carolina Senators Vote to Pass Bitcoin Bill

Rage Comment : American companies have made rapid progress in the field of blockchain technology. Government agencies and technical experts have also pointed out the need for the United States to unify blockchain-related legislation, but there has not been much progress in the legal field. Recently, there has been new progress in North Carolina. The state senator passed the amendment to the money transmission service bill with a majority vote, clearly incorporating virtual currency into the legal regulatory system and requiring related companies to apply for a money transmission service license. The amendment will need to be approved by the House of Representatives and the governor before it officially becomes law.

Translation: Annie_Xu

The North Carolina General Assembly has passed an amendment to the state's Money Transmitters Act, requiring companies involved in digital currencies such as Bitcoin to apply for a money transmission service license.

The bill replaces existing money transmission licensing laws and adds new provisions to explicitly bring virtual currencies into the legal regulatory system.

Forty-three North Carolina senators voted in favor of the amendment, while three legislators voted against it. This came after the House of Representatives passed the amendment by a majority vote in mid-May.

It costs $1,500 to apply for a North Carolina money transmitter license, and the annual review costs more than $5,000.

However, the amendment has not yet been formally added to law. As long as both the House and Senate approve it, the bill will be sent to Governor Pat McCrory for review.