Pennsylvania Dept of Banking & Securities clarifies "Crypto Exchanges Are Not Money Transmitters"
Pennsylvania’s Department of Banking and Securities (DoBS) has clarified that crypto exchanges and service providers do not require a money transmission license to operate in the state.
The DoBS published the new guidance for the local crypto industry on Wednesday, following a number of enquiries from businesses, it said.
The department explained that as bitcoin and other cryptocurrencies are not “money,” the Money Transmission Business Licensing Law or the Money Transmitter Act of Pennsylvania does not apply to crypto trading platforms.
According to the act, only fiat currency or the U.S. government-issued currency is considered money. “To date, no jurisdiction in the United States has designated virtual currency as legal tender,” the department said.
The act states that parties conducting the business of transmitting money need to be licensed if they transfer fiat currency...
Nuclus Money (NLM) Pre-ICO
The combination of mobile ubiquity and blockchain is unlocking opportunity for prosperity like never before. The Nuclus Platform will be the #1 marketplace for international order fulfillment from Sub-Saharan Africa serving new buyers and realization of commercial goals and objectives of related development programs. The introduction of a digital token Nuclum (NLM) we will stimulate trade between BRICS country and inter-continental African participants as it has no residual effects or distortions i.e. inflation and the transaction is totally completed at the point and time of exchange. We introduce a new economic philosophy to ensure sustainability and to advance equitable opportunities for economic participants during economic growth with benefits incurred by every section of society. Our softcap aim is 2,500 ETH and hardcap 22,000 ETH accepting ETH, BTC and USD.In summary, we have selected the Ethereum Open Source Platform as we believe we can achieve both our commercial and technical targets. We are aware of developments of competing blockchains solving existing scale problems and will monitor evolution as and when they occur.
• 2012 Proof of Concept Online Billing and Collections
• 2014 Minimal Viable Product Billsource® v1.0 MVP
• 2016 Quote to Cash Billsource® v2.0 Q2C
• 2017-’18 Blockchain Disruptive Platforms
• Q3 2018...