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​Coinbase resumes its services in Wyoming after license renewal

2018-08-06 06:51 am | Resource: News Section | No Views : 242

​Coinbase resumes its services in Wyoming after license renewal Coinbase, San Francisco-based digital currency exchange, has again provided trading services to residents of Wyoming.
Coinbase posted on its Web site last Saturday that it had renewed the money-sending license in Wyoming, marking a long-awaited return since the stock market abruptly pulled out of the state three years ago.
The Digital currency Exchange announced in June 2015 that it would be costly and impractical to continue its service in Wyoming, after regulators in the state explained that the company had fallen under the Trans Money Act.
The law requires that while Coinbase should "double the reserve" of the assets of state residents - that is, keeping the currency reserve for all encoded assets held on behalf of the consumer - in order to renew the sender's license.
However, the state issued a remarkable bill in March of this year, which amended the law of the sender of funds to provide exemption for the virtual currency.
As Coenbase points out in the blog post, organizational change means that "Wyoming's encryption companies are no longer required to double state assets."
With the renewal of the license, Coinbase explained that Wyoming customers can restore access to funds stored in their accounts to continue trading and using digital currencies.
"We believe this action by Wyoming will stimulate innovation and economic activity for individuals, families and communities across the state," the company said.

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