Cryptocurrency exchange based in San Francisco Coinbase offers new services to residents in the US state of Wyoming.
The exchange published a blog post that renewed its license to send money to Wyoming, marking a long-awaited return since Coinbase abruptly withdrew from the state three years ago.
As previously reported by CoinDesk, Coinbase announced in June 2015 that it would be costly and impractical to continue its services in Wyoming after state bodies made it clear that the company had fallen under its Money Transmitter Act.
The law required at the time in which Coinbase must "double" the assets of state residents, or hold currency reserves fiat for all encrypted assets held on behalf of the consumer, in order to renew the license of the coin transmitter.
However, the Cowboy State approved a major bill in March of this year that amended the Money Transmitter Act to provide an exemption for virtual currency.
As Coinbase explained in the blog post, regulatory change means "cryptocurrency company in Wyoming is no longer required to double the state property assets."
With the renewal of the license, Coinbase said that Wyoming customers can regain access to funds stored in their accounts to continue to negotiate and use cryptocurrencies.
Wyoming's action will stimulate innovation and economic activity for individuals, families and communities across the state "
Wyoming image via Shutterstock