Washington, DC, the regulation of special currency exchange effective

As early as April of this year, Washington politicians agreed and identified regulatory requirements for Bitcoin. These regulatory guidelines and regulations are now in force. The legislator in the Senate and the House of Representatives promoted Senate Bill 5031, and has been officially signed by Washington Governor Jay Inslee.

In response to the bill requirements of the Bitcoin Exchange

These regulations state that any person who operates an encrypted currency exchange in Washington State must apply for a license issued by the state. They must work with a third party auditor to disclose their own systems and be supervised.

"For business models that represent virtual money on behalf of others, the firm must provide a third party security audit of all electronic information and data systems," the bill said.

The legislator also created a requirement that the exchange must have a margin associated with their business. The size of the margin is related to the amount of the previous year.

From the response of the famous exchange

Due to the entry into force of this new law, Big Exchange P (Poloniex) and Bitnet (Bitfinex) said they will stop doing business in the state. The new regulations do not seem to meet their goals and the ability to serve their customers. However, the Gemini Exchange has received approval from the state and has begun allowing the state's customers to trade Bitcoin on the exchange. The P network wrote:

After careful consideration of the Washington State Financial Management Committee's interpretation of financial services regulation, Poloniex will suspend the Washington account to create a separate notice. For existing Washington customers, you will receive an e-mail message about how to close your account.