In accordance with the Memorandum of Supervision, published on January 2, the Texas Banking Department may consider stabcocoins as money, obliging such currencies and exchanges that deal with them to comply with several laws of the state of Texas.
Supervisory Memorandum 1037, which is published by the financial regulator, involves the regulation of a new class of digital assets in accordance with the Texas Monetary Services Act. According to this law, getting a steablcoin on a platform for the exchange of cryptocurrencies under the “promise” to ensure its availability in the future can be considered as a money transfer. Therefore, stable, state-supported coins can be considered money.
Regarding the provision on cryptocurrencies in Texas, the document states that “cryptocurrency is not money in accordance with the Monetary Services Act”, therefore, receiving it under the same conditions as the steklokoinov is not considered a money transfer.
Earlier, the large American cryptocurrency exchange Coinbase suspended its business in Wyoming after this activity was subject to licensing restrictions on the transfer of money.
However, in March 2018, Wyoming lawmakers passed House of Representatives Bill 19 to exempt virtual currencies from the Wyoming State Remittance Act. This again allowed Coinbase to apply for a license under which it can resume operations as a regulated exchange.
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