Coinbase has announced that Wyoming residents can use the exchange once again. Coinbase had had to terminate its activities in the country in June 2015 as it hadn’t renewed the money transmitter license.
We believe this action by Wyoming will spur innovation and economic activity for individuals, families and communities across the state … We aim to be the most trusted cryptocurrency brand in the space, and as part of that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation.
Previously, cryptocurrency exchanges had to double reserve the assets of Wyoming residents. However, the country has recently decided to exempt companies from this law completely.
Coinbase applauded the governor and state legislation for their efforts in welcoming cryptocurrency exchanges. “Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state,” wrote Mike Lempres, Coinbase’s Chief Legal and Compliance Officer.
A few days ago, Coinbase announced that it had launched a British pounds (GBP) feature for its customers in UK. Not only did the exchange obtain an e-money license from the Financial Conduct Authority (FCA), but it also became the first exchange to open an account with a bank in UK.
Cryptocurrency Laws in Wyoming
In March 2018, Wyoming passed three cryptocurrency-friendly bills. The money transmitter act, Wyoming House Bill 19 (HB0019), allows cryptocurrencies to operate legally while the Wyoming Senate Bill 111 (SF0111) protected cryptocurrencies from being taxed.
Tyler Lindholm, a Republican member of the Wyoming House of Representatives, said that ever since these bills had been passed, two or three companies had registered almost every other day. Lindholm also said that they weren’t worried about the SEC. He added that positive steps taken by Wyoming could allow it to become the blockchain capital of the world.