Coinbase in a recent web blog post announced that the company is relaunching its services back for the Wyoming region of the western U.S. The exchange has reportedlyreviveditscashtransmitter licensewithin theU.S. state. The license had been suspended as of from July 2014 for stipulations as per the states law thatneeded all exchanges to “double reserve” the digital assets of state residents with the local currency.
Coinbase stated at the time that the exchange had chosen to dismiss its service operations as a cryptocurrency exchange from the region due to legislator laws bounding conditions under the Wyoming Money Transmitters Act. which was introduced by the country back in year 2011.
According to Coinbase, this Act hadfurther been modified by the ‘Equality StateDivision of Banking,’ requiring licensees to maintain dedicatedorder of fiatcurrency reserves inquantityadequate tothe price of all bitcoin on behalfof consumers. This thing was found practically impossible for Coinbase.
Havingcurrentlyresumed its services for residents again, Coinbase credits the Governor of the assembly in Wyoming ‘Matt Mead’ and the effective members of the Blockchain Task Force withsanctioninga brand newbill to be signed into states law that has effectively removed these existing restrictions prohibiting operational functionalities.
The company while resuming its services back again stated that:
“We believe this action by Wyoming will spur innovation and economic activity for individuals, families and communities across the state.”