Published on September 2nd, 2015 | by bitcoin0
New California Law Will Impose New Bitcoin Reporting Requirements
The California Senate Appropriations Committee has voted 6-1 to advance a bill that would create a licensing regime for bitcoin companies in the state.
The bill moved forward on 27th August, with Senator Jim Nielsen, a Republican from California’s Fourth District, casting the lone dissenting vote.
The bill received a second reading on Monday, with a third reading set for a later date.
The bill, introduced by Assemblyman Matt Dababneh in February, was amended earlier this summer to include a provisional regulatory on-ramp for nascent companies.
The latest version of the bill, amended as of 18th August, includes a passage that would add new reporting requirements to licensed businesses beyond existing language that mandates annual and quarterly financial audits.