Visa approved it Eidoo card that allows Visa merchants accept crypto-derived fiat currencies such as the British pound and the euro.
Eidoo CEO Thomas Bertani explained how the card would work, saying that users with crypto tokens could swap it on DeFi-DEXes like Uniswap for stablecoin, which would then be 1: 1 matched on the eidoo card.
The card is the result of a partnership with Contis, Which is a member of Visa Europe and has an e-money license. Contis will act as the licensor of the card, similar to other crypto cards like Monolith.
V.isa has also recently approved crypto-to-fiat crossings from the UK Money foldthat is working to make conversions between crypto and fiat more transparent.
Wright's bill, HB701, would require virtual crypto companies to register with the State Department of Financial Institutions (OFI), including fingerprints and an analysis of "experience, character and general fitness" of executives, and a non-refundable registration fee numbers.
According to OFI officials, the fee could be $ 2,000 for registration and $ 1,000 for annual renewal.
The law was passed unanimously in the State House of Representatives and must now go through the Senate Committee on Trade, Consumer Protection and International Affairs. If passed, it will be the first crypto licensing system in the state.
The system would saddle the OFI with a $ 150,000 bill for its first year and a $ 1.3 million bill for the first five years as enforcement increased over time.
The calculation seems to be based on that Business law for virtual currencies (VCBA), a licensing regime that tries to create a uniform regulation for all 50 states. California, Oklahoma and Hawaii are considering similar bills, according to Carlton Fields lawyer Andrew Hinkes.