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 reportedly revived its cash transmitter license within the U.S. state. The license had been suspended as of from July 2014 for stipulations as per the states law that needed 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 had further been modified by the ‘Equality State Division of Banking,’ requiring licensees to maintain dedicated order of fiat currency reserves in quantity adequate to the price of all bitcoin on behalf of consumers. This thing was found practically impossible for Coinbase.
Having currently resumed 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 with sanctioning a brand new bill 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.”