ForexMinute.com – After weeks of speculation, renowned Canadian cryptocurrency exchange Vault of Satoshi today confirmed to reenter the US markets by launching its services in South Carolina. The FINTRAC approved exchange, through his representative and Director of Marketing Adam Cochran, also promised to expand its services in the entire US on a state-by-state basis.
In one of his recent posts on Reddit, Adam Cochran elaborated a range of services Vault of Satoshi is bringing to South Carolina’s cryptocurrency users. They include the exchange’s very recently launched coin-to-coin trading, as well as coin to fiat/fiat to coin exchange services.
While the coin-to-coin trading will be available upon a Level 1 Verification that requires users to create an account, and select their country and state as “South Carolina”, the other service will be availed only when users complete the Level 2 verification, which includes them to submit their legal identification and proof of residency as well.
“Over the next few weeks we’ve got some pretty exciting announcements about new payment methods, changes to our coin to coin system, new coins, and great new features! Stay tuned for more on this, as well as coverage of our continued US roll out!” said Adam. “It may be one small step, but it feels good to be back. We’re hard at work getting back to you America!”
The timing of Vault of Satoshi’s entry into America coincides with the recent IRS ruling to consider Bitcoin and other altcoin as property for tax purposes. Meanwhile, FINCEN, under whose regulation Vault of Satoshi functions, says that cryptocurrencies are not a non-currency entities and “should be treated (in regards to money transmission) as any other value item.”
The FINCEN also clarifies its undertaken digital currency exchanges to fall under MSB rulings, because of which Vault of Satoshi is hoping to meet and greet every state’s law in US before introducing its services there. For now, it is South Carolina which has a lead.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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