Idaho is First State to License a Bitcoin Company
News December 24, 2013 Comments Off on Idaho is First State to License a Bitcoin Company 40On 3-18-13 FinCen decided the individual states would regulate btc exchanges as money transmitters, according to Jared Kenna in a speech at Inside Bitcoin in Las Vegas on 12-1202-13. This includes 48 states with the exception of SC and NM who do not regulate money transmitters.
Bitcoin4Biz talked with regulator, Jim Burns, with the Idaho Dept of Finance who recently licensed CoinX for a $100 fee and a $25,000 surety bond. Burns said, “business operates faster than the speed of government, so Idaho responded.” Idaho is the first state to license a bitcoin company .”The same fee is $5000 in California which is on the verge of approving several applications”, according to Willian Haraf, Managing Director of the Promontory Group. “The cost to achieve licensure is far greater,” Haraf said referring to the SSAE 16 type of accounting controls that would need to be in place.
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