The new regulations of the Washington encrypted currency exchange are now in force


nnnThe new regulations of the Washington State encrypted currency exchange have been in force on July 23. Which requires that the encrypted currency transaction be required to obtain a license from the Washington State financial institution’s management and must provide a third-party audit of its data system. At the same time, the encrypted currency exchange Poloniex and Bitfinex announced to cease to serve customers in the region, but there are still other exchanges start-ups approved in the state to provide services.n
nnTranslation: Clovern
nThe new regulations of the Washington State Currency Exchange have been officially in force.n
nFollowing the passage of the weekend Senate Bill No. 5031, the state’s capital transfer law is now applicable to exchanges, which means that they need to obtain a license from the Washington State financial institution’s management and must provide third-party audits of their data systems Then
nAmong other requirements, the Act also provides for new funds to transfer bond requirements, which are related to the amount of money traded in the previous year.n
nThe legislator finalized the measure in April and sent it to Governor Jay Inslee’s office, and Jay Inslee signed the bill within a few days of his job. According to public records, the law was in force on July 23.n
nAs CoinDesk reported earlier, the state legislator in the western United States has been working on regulations for start-up companies since January.n
nHowever, the passage of the bill is not without controversy. The encrypted currency exchange Poloniex and Bitfinex announced that in accordance with the new regulations, will stop serving customers in the region.n
nAt the same time, start-ups such as Gemini, a New York-based exchange, have taken the opposite measures and have been granted services to the state’s customers earlier this year.n

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