Washington Politicians Defend Regulations as Cryptocurrency Exchanges Flee


Bureaucrats Claim Bill is Good
Charlie Clark, deputy director of the state’s Department of Financial Institutions and director of the authority’s division of consumer services, did not comment on the specific companies that left. He did suggest the restraints were not imposing or negative, though. He mentioned State financial regulators spent months preparing and detailing the bills. A Payment Compliance article quoted Clark. He said,Clark just wanted businesses to understand that their goal was not to punish new tech businesses, but to protect customers and help startups gain compliance. He did not mention the amount of digital currency firms who are not in compliance or which ones left.The phone calls and conversations were part of an effort to strike a balance between protecting consumers and not heaping onerous and unnecessary regulations on virtual currency start-ups
Bitcoin Exchanges Licensed in Washington; Specific Requirements for Operating

These companies must also submit to third party audits of their systems, and they must provide additional information to their clientele. Overall, obtaining a license for companies in the state is a time consuming and pricey process to undergo. Do you think Washington’s regulations are too burdensome? Are regulations necessary? Let us know your opinions in the comments below.Money transmitters must take out a surety bond based on the dollar volume handled the previous year, ranging from $10,000 to $550,000, with anywhere from $10,000 to $50,000 required for money exchangers.
Images via Shutterstock and Bitstamp/Twitter
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. The post Washington Politicians Defend Regulations as Cryptocurrency Exchanges Flee appeared first on Bitcoin News.
Bitcoin License Bitcoin regulation BitFinex BitStamp Charlie Clark Cryptocurrency license Department of Financial Institutions Gemini Kraken N-Featured Payment Compliance Poloniex Regulation Senate Bill 5031 Washington