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Bitcoin Daily: Nevada Tightens Regs On Crypto Kiosks; Barclays And Coinbase Call It Quits

DATE POSTED:August 15, 2019

Nevada is enforcing stricter regulations on cryptocurrency kiosks, and will now require them to have a state money transmission license.

BitAML Senior Advisor Annelise Strader told CoinDesk that the state’s regulatory team recently changed its interpretation of what is considered a money transmitter within the state. As a result, the $5,000 kiosks need to be licensed by the state and will require a surety bond requirement of $10,00 upfront plus $5,000 for each location. Bond requirements max out at $250,000.

In other news, sources have told Crypto Vest that Barclays has ended its partnership as banking provider for Coinbase UK. There are reports that ClearBank will take over the services.

The change means that UK buyers won’t have access to crypto coin ZCash, which uses a native protocol to obscure transactions. It will still be available to US-based and EU-based traders.

Switching to a smaller bank seems to be par for the course for crypto companies in the UK as regulations get tighter and big service providers decide to cut their losses. Wells Fargo dropped Bitfinex, while Bitpanda actually received a payment service provider license so it could handle its own payments in Europe.

And Singapore startup Limestone Network is using blockchain to run a smart neighborhood in the Cambodian capital.

The 100-hectare mixed-use development in Phnom Penh is made up of residential properties, offices, retail centers, schools and a large-scale exhibition hall. There are 10,000 business tenants and a daily population of 190,000. A blockchain-powered ID system creates a digital passport for residents and commuters via the Limestone mobile app.

“Most cities try to become smart cities by installing hardware like sensors and cameras, but our starting point begins with the software,” said Eddie Lee, the firm’s co-founder and managing partner, according to Tech in Asia. “Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touchpoints. These create an understanding of how the city moves, lives, and functions.”