An expense introduced to the California legislature aims to bring virtual currency companies more clearly under the state’s Money Transmission Act.
Penned by Assemblymember Matt Dababneh, chairman of the state’s Banking and Finance Committee, AB-1326 would prohibit virtual currency companies from running unless they are accredited by the Department of Business Oversight (DBO) or have received an exemption from the company.
Much like the general monetary code, license applicants would have to pay a non-refundable $ 5,000 fee to register; supply particular determining details; and keep a specific amount of funds in “investment-grade permissible investments”. The definition includes money market funds, state bonds and United States government company securities and omits virtual currencies.Continue reading at CoinDesk CoinDesk