Visa has approved the Eidoo Card, which will allow Visa merchants to 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 exchange them on DeFi DEXes like Uniswap for the stablecoin, which would then be matched at a 1:1 ratio on the Eidoo Card.
The card is a result of a partnership with Contis, which is a member of Visa Europe and has an e-money license. Contis will act as the licenser of the card, similar to how fellow crypto cards like Monolith operate.
Visa also recently approved crypto-to-fiat transitions by U.K.-based Moneyfold, which is working on making conversions more transparent between crypto and fiat.
Wright’s bill, HB701, would require virtual crypto businesses to register with the state’s Office of Financial Institutions (OFI), including fingerprints and an analysis of executives’ “experience, character and general fitness,” and pay a nonrefundable registration fee.
The fee, according to OFI officials, could be $2,000 to sign up and $1,000 for renewal every year.
The bill passed unanimously in the state’s House of Representatives, and now has to go through the Senate Committee on Commerce, Consumer Protection and International Affairs. If passed, it will be the first crypto-licensing regime 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 bill seems to be based on the Virtual Currency Business Act (VCBA), a licensure regime trying to bring a uniform kind of regulation for all 50 states. California, Oklahoma and Hawaii are also considering similar bills, according to attorney Andrew Hinkes with Carlton Fields.