If things go according to the plan, the State of North Carolina may soon become the first US state to have blockchain friendly regulation. With the rise in the usage of blockchain technology among banks and financial institutions, the Chamber of Digital Commerce, IBM, and Perkins Coie- a law firm have proposed changes to the regulations during the North Carolina Senate Finance Committee meeting.
The proposed bill is designed to offer clarity on the regulations that are applicable for digital currency and blockchain related businesses. If implemented, it will amend the North Carolina Money Transmitter Act to include virtual currency in it along with few relevant changes as applicable to bitcoin and blockchain technology. These changes will be welcome as the current law, introduced last year is ambiguous when it comes to businesses using blockchain technology for purposes other than payments. However, some of the digital currency-related businesses already fall under the purview of the existing North Carolina Money Transmitter Act
The new law will be completely different from that of New York State’s BitLicense as it makes clear distinction about the type of license different players in the blockchain and bitcoin sector are required to obtain in order to conduct their operations. The blockchain bill is also supposed to be more business friendly.
In a press report, the Founder and President of Chamber of Digital Commerce Perianne Boring was quoted saying
“The state-by-state money transmitters licensing regime is a costly, onerous and labor-intensive path for any company to take…The passage of this Act into law is good for business, jobs and innovation in North Carolina. We urge Senate leadership to take the next steps to bring it to the floor for a vote.”
While the proposal has already been submitted, it is now left to the Senate to decide whether the bill is approved or not.