California startups in Bitcoin have applauded the state's proposed approach toward regulation. The Bitcoin Assembly approved a draft bill last month that would regulate how businesses dealing in virtual currency can operate in the state. Proposals impose the equivalent of money service business rules on those holding virtual currency on behalf of others, but would not make additional virtual currency specific demands, such as those in the New York State's BitLicence, thereby exempting those already licensed from duplicate licensing.
Bitcoin startups in California have applauded the state's proposed approach toward regulation. The California Assembly approved a draft bill last month that would regulate how businesses dealing in virtual currency can operate in the state. Proposals impose the equivalent of money service business rules on those holding virtual currency on behalf of others, but would not make additional virtual currency specific demands, such as those in the New York State's BitLicence, thereby exempting those already licensed from duplicate licensing.