Money Transmitter Rules Subchapter F
Due to the passage of H.B. 289, Money Transmitters Act the Office of the Commissioner of Banks is terminating the agency rule-making for Subchapter 03F Licensure Under the Money Transmitters Act Rules.
Final Agency Decision
Explanation for Proposed Rule:
The Office of the Commissioner of Banks is responsible for drafting regulations related to the operation of virtual currency providers in North Carolina.
The North Carolina Money Transmitters Act, N.C. Gen. Stat. § 53-208.1, et seq. is broadly written to encompass entities engaged in the business
of transferring virtual currencies in and out of real currency, as well as entities engaged in the business of processing payments between virtual
currency wallets. Rules in Subchapter F – Licensees Under the Money Transmitters Act need to be amended in order to clarify requirements for entities
involved in virtual currency under the Act.
Analysis of Money Transmitter Rules
Notice of Text
All public comments will be posted below.
Letter from Bradley Lui
Letter Robert Duke
Letter Dsu-Wei Yuen