Texas Department of Banking (TDB) has outlined new rules for virtual currencies that will provide clear information and regulatory satisfaction for businesses and individuals working with virtual currencies.
The new policy Supervisory Memorandum 1037, Regulatory Treatment of Virtual Currencies was issued by Texas Department of Banking Commissioner, Charles Cooper, under the Texas Money Services Act.
Go deeper with GlobalData
The policy focuses on cryptocurrencies such as Bitcoin and provides information related to money transmission and currency exchange by showing narrow definitions of money and currency.
Moreover, as Cryptocurrencies does not come under the statutory definitions of currency or money, some common business activities related to cryptocurrency that involve the receipt of government-issued currency can trigger the licensing requirements of the Act.
Cooper said at this point a cryptocurrency like Bitcoin is best viewed like a speculative investment, not as money.
"However, as this innovative technology develops, the TDB will continue to evaluate whether the nature of cryptocurrencies and the potential harm to the public warrant additional action," Cooper added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
