The San Fransisco-based cryptocurrency exchange Coinbase is offering
services again to residents living in the U.S. state of Wyoming.
The exchange published
a blog post on Saturday that it has renewed its money transmitter
license in Wyoming, marking a long-waited return since Coinbase abruptly
pulled out from the state three years ago.
As previously reported
by CoinDesk, Coinbase announced in June 2015 that it would be costly
and impractical to continue its services in Wyoming after state
regulators clarified the company fell under the Money Transmitter Act.
The Act required at the time that Coinbase must "double reserve" state residents' assets – meaning
holding fiat currency reserves for all crypto assets held on consumer's
behalf – in order to renew the money transmitter license.
However, the Cowboy State passed a notable bill in March of this year that amended the Money Transmitter Act to provide an exemption for virtual currency.
As Coinbase explained in the blog post, the regulatory change means
"cryptocurrency companies in Wyoming are no longer required to double
reserve the assets of state residents."
With the license renewal, Coinbase said Wyoming customers can regain
access to funds stored in their accounts to continue trading and using
cryptocurrencies.
"We believe this action by Wyoming will spur innovation and economic
activity for individuals, families and communities across the state,"
the company said.
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