The largest stock operator in the world, Coinbase, announced that it has renewed its money transmitter license in Wyoming three years after terminating its activities in the state. This is a move which marks a significant shift in the working relationship between the crypto exchange giant and state regulators, following the expiry of the previous license in June 2015.
Working with the state regulators
In one post from recently, Coinbase stated that its Wyoming customers can now access the full range of its products, which include Coinbase Consumer, Coinbase Market, Coinbase Prime, as well as Coinbase Custody. The block post has described that the move as one which is going to spur innovation and economic activity for individuals, as well as families and communities all over the state.
Coinbase continued with the statement, to highlight its newfound cooperation with the regulators of the Washington state.
According to the post, Coinbase welcomed the chance to work with Wyoming House of Representatives Majority Floor Leader, named David Miller, as well as with the State Senator Eli Bebout. Both of them being members of the Blockchain Task Force, as well as their colleagues, to find a solution which will permit cryptocurrency custodians and exchanges to reestablish operations. They said that they are grateful for the assistance of Commissioner Forkner, as well as Deputy Commissioner Mulberry, together with the examiners, as well as the staff from the Wyoming Division of Banking in their prompt approval of our money transmitter application.
Incurring innovation by accommodating cryptocurrency trade
Further on, Coinbase hailed its return to Wyoming as proof that the state regulators, as well as lawmakers and cryptocurrency companies, can actually work together, to encourage innovation by finding ways to accommodate cryptocurrency trade under existing money transmission laws, even exempting them when necessary.
The post puts an accent explicitly on the elimination of the requirement to double-reserve cryptocurrency assets of Wyoming residents as a crucial point of the deal which was reached with the regulators, giving it the ability to return to the state.
The statements of Coinbase
Concluding with what some are going to see as a statement of intent from a platform which was recently engaged in an aggressive growth phase, Coinbase stated that they seek excellence in compliance and they also advocate for common-sense policies which permit for innovation.
Coinbase also stated that they are going to continue collaborating with legislators and regulators all over the States and even around the globe, as they work to create an open financial system for the world.