Cryptocurrency exchanges that intend to do business in Texas will need to maintain sufficient reserves to meet all obligations to their customers. About it says in the relevant bill.
The document passed through the local House of Representatives and the State Senate. Now it should get to the consideration of the governor.
The amendments are being made to the Texas Financial Code and affect digital asset providers that serve more than 500 customers in the state and have at least $10 million in funds.
It is expected that they will be prohibited from mixing user deposits with any other funds, capital or “other property”, as well as using them for any other purpose than client transactions.
The bill also requires exchanges to maintain sufficient reserves and report back to the local regulator. Otherwise, the company is threatened with revocation of the license.
According to the authors, the initiative will increase transparency and maintain “a light regulatory stance and a business-friendly environment.”
“The passage of this law makes Texas the safest place in the country to trade cryptocurrencies. Platforms that have chosen to work [в штате]now meet higher standards, giving investors and consumers the confidence that their money and assets are safe,” said Decrypt Vice President of Digital Chambers Cody Carbon.
Earlier, state representative Giovanni Capriglione proposed a bill confirming the right of local residents to use digital assets. The document must pass the House of Representatives, the Senate and the “popular vote”.
Recall that in April, US Senator Brian Hughes and member of the House of Representatives Mark Doracio proposed the creation of a Texas digital currency backed by gold.
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Cryptocurrency exchanges that intend to do business in Texas will need to maintain sufficient reserves to meet all obligations to their customers. About it says in the relevant bill.
The document passed through the local House of Representatives and the State Senate. Now it should get to the consideration of the governor.
The amendments are being made to the Texas Financial Code and affect digital asset providers that serve more than 500 customers in the state and have at least $10 million in funds.
It is expected that they will be prohibited from mixing user deposits with any other funds, capital or “other property”, as well as using them for any other purpose than client transactions.
The bill also requires exchanges to maintain sufficient reserves and report back to the local regulator. Otherwise, the company is threatened with revocation of the license.
According to the authors, the initiative will increase transparency and maintain “a light regulatory stance and a business-friendly environment.”
“The passage of this law makes Texas the safest place in the country to trade cryptocurrencies. Platforms that have chosen to work [в штате]now meet higher standards, giving investors and consumers the confidence that their money and assets are safe,” said Decrypt Vice President of Digital Chambers Cody Carbon.
Earlier, state representative Giovanni Capriglione proposed a bill confirming the right of local residents to use digital assets. The document must pass the House of Representatives, the Senate and the “popular vote”.
Recall that in April, US Senator Brian Hughes and member of the House of Representatives Mark Doracio proposed the creation of a Texas digital currency backed by gold.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
