On Saturday, the exchange published a blog post that it has renewed its money transmitter license in Wyoming, marking a long-awaited return since Coinbase unexpectedly pulled out from the state 3 years ago.
As earlier reported, Coinbase declared in June 2015 that it would be costly and impractical to continue its services in Wyoming after state regulators explained the company fell under the Money Transmitter Act.
The Act needed at the time that Coinbase must ‘double reserve’ state residents assets meaning holding fiat currency reserve for all crypto assets held on client’s behalf to renew the money transmitter license.
Although, the state passed a bill this year in March that changed the Money Transmitter Act to grant an exemption to digital currency.
As Coinbase described in the blog post, the regulatory change means “digital currency companies in Wyoming are no longer required to doubled reserve the assets of state residents.”
With the license renewal, Coinbase stated Wyoming clients could regain access to funds stored in their accounts to continue trading using digital currencies.
The company stated:
“We think this action by Wyoming will push innovation and economic activity for individuals, families, and communities across the state.”