1301 that did not include these provisions related to virtual currency. (W. Va. 2018). Information about the pending case, including briefings by the parties, can be found at https://www.article78againstnydfs.com/raw.php. 673, 129th Leg., 1st Reg. 1032 (NS). Most notably, Facebook's proposed blockchain cryptocurrency, Libra, and its digital wallet, Calibra, have been entrenched in heated public battles with lawmakers ever since their announcement in June, 2019. Signed by governor 4/1/21, Act 532. Assemb., 2d Reg. (b) a candidate running for public office from accepting campaign contributions made using cryptocurrency. 269, 2017–18 Leg., Reg. The law provides several exemptions, however, including for virtual currency miners as well as for software companies implementing blockchain services such as smart contract platforms, smart property, multi-signature software and non-custodial and non-hosted wallets. (Vt. 2019). 4371, 86th Leg., Reg. Another introduced bill allows a person to pay taxes using an approved virtual currency. It uses a different definition of blockchain than used in Utah's Money Transmission law and includes blockchain in a statutory definition of "innovation." Assemb., 2019 Sess. Sess. Sess. Similar to bills in other states, Illinois proposed an amendment that would incorporate "virtual currency" into its version of the Revised Uniform Unclaimed Property Act. Illinois has also proposed the Blockchain Technology Act, which: 2019 IL H.B. Additionally, Senate Bill 1024 and House Bill 735 both seek to establish Florida Blockchain Working Groups for the Agency for State Technology and Department of Management Services, respectively. Sess. In regards to blockchain technology, on April 30, 2019, the state adopted a senate bill, which authorizes corporations to maintain certain records on a "distributed electronic network or database." On May 30, 2018, Governor Phil Scott signed S.B. Found inside โ Page 228(continued) S/N Country Local law(s) related to blockchain cryptocurrency 10. United States Under the Bank Secrecy Act (the โBSAโ), a Money Services Business (MSB) such as a blockchain mining organization, is subject to the federal ... Depending on the federals and state regulations, the laws vary in the USA. 822, 57th Leg., 1st Reg. Companies' lawyers have advised them to stay away from NYS. S.B. 146, Reg. See https://www.dobs.pa.gov/Documents/Newsletter/Newsletter%20Volume%206/Quarter21vol6FINAL.pdf. Still, some governments feel that allowing cryptocurrency would ultimately result in loss of economic power and a shift towards decentralized economies globally. This bill adopts the Revised Uniform Unclaimed Property Act (the act), as approved by the Uniform Law Commission, also known as the National Conference of Commissioners on Uniform State Laws. Dep't of Fin. 2019 CO S.B. The State's Department of Financial Institutions has issued guidance that they "do not consider the control or transmission of virtual currency to fall under the scope of [the State's Money Transmission Act].] As blockchain and cryptocurrency become more prevalent in the private sector and among consumers, governments globally are learning how to implement regulations across industries. (Wyo. Category One States; Category One states are those that have created laws with the effect that digital currency is excluded from money transmission statutes. AB8783 was adopted in 2018, which creates a digital currency task force to determine the impact of cryptocurrencies on New York financial markets. Sess. 9, 106th Leg., 1st Reg. § 66-29-102. Another bill introduced would create a financial technology sandbox program for the testing of financial products and services in West Virginia, including blockchain technology. Repeals the unclaimed property act and replaces it with the revised unclaimed property act. 599, 129 Leg., 1st Reg. A variety of tax bills are also proposing that the "providing a virtual currency that purchasers are allowed or required to use to purchase products from the marketplace seller" qualifies a person or business as a "marketplace facilitator" for state tax collection and remittance purposes. 4200, 123rd Gen. Directs the corporation to lease or acquire real property and construct or renovate offices, facilities and business locations throughout the state at which corporation receives, handles, stores and dispenses cash and other valuable property. S.B. (2019). (R.I 2019). Improves the efficiency of certain consumer credit protection laws; confirms the ability of the Bureau of Consumer Credit Protection to regulate transmission of digital currencies, such as Bitcoin. Sess. Sess. 207, 86th Leg., Reg. 164, 2019 Leg., 80th Reg. § 67-4a-102. $441,451 +. (Wash. 2019). Louisiana adopted a resolution commending Bitcoin for its success in becoming the first decentralized trillion dollar asset and encourages the state and local governments to consider ways that could help them benefit from the increased use of this new technology. Ohio's Money Transmitter Act does not explicitly include "virtual currencies" or "monetary value" and the State's Department of Commerce has not published guidance on virtual currency regulations. Freeman Law is dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Make recommendations to the Governor and the Legislature that will promote innovation and economic growth by reducing barriers to and expedite the expansion of the state's blockchain industry.". https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf. If a person provides "a virtual currency that buyers are allowed or required to use to purchase products from the marketplace seller," then that person can be deemed a "marketplace facilitator." Ann. The Hawaiian Senate introduced SB 3082 which would adopt a version of the Uniform Law Commission's Regulation of Virtual Currency Businesses Act that excludes the State's capital funds requirement, but the proposed law appears to have stalled within the State's legislature. Sess. 1601, 2019 Leg., Reg. A.B. According to Tennessee's Uniform Unclaimed Property Act, "property" includes virtual currency. The bill places virtual currency exchange operators under the state's money transmitter rules and requires them to comply with the same licensing requirements as traditional money transmitters.
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