H.F. 2538, 91st Leg., 1st Reg. An act "to study the use of blockchain technology in managing elector information." 2017 North Carolina Laws S.L. Sess. Code of OrdinancesSupplement 32Online content updated on February 17, 2023. First appeared in Thomson Reuters Payment Systems and Electronic Fund Transfers Guide.". Assemb., Leg. House Bill 7141 became law on October 1, 2017 and requires that anybody engaged in a financial services industry be licensed by the state. 2018 OR REG TEXT 491365 (NS). However, the senate introduced a bill on April 30, 2019, which would exempt cryptocurrency sales from the general sales and use tax. "Digital token" is defined as a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable for goods or services, and capable of being traded or transferred between persons without an intermediary or custodian of value." With respect to abandoned or unclaimed property, Kentucky law includes provisions for virtual currency which is to be liquidated and bars claims for gains/losses after liquidation. A.B. 44, 2019 Leg., 80th Reg. 2415, 2019 Leg., Reg. Texas was the first state to release an official position on bitcoin with Memorandum 1037 clarifying that no money transmitter's license is required to sell Bitcoin. CO ST 24-37.5-105. The State amended its Liquor Control Law to impose an unusual ban on the use of virtual currencies for the purchase of alcohol. Bloomberg. H.B. Code Ann. (Me. 269, 201718 Leg., Reg. S.B. signed a 6-week abortion ban into law that effectively means that people who have been raped, who are the victims of incest, and who are experiencing life- threatening pregnancies are going to be denied the care that they need and will be forced to give birth. (Wyo. 2257, also seeking to adopt a version of the Virtual Currency Business Act was introduced in 2018 but has not yet passed the House. H.B. 4200, 123rd Gen. Under the Department's guidance, virtual currencies are not "money" under the Transmitters of Money Act and therefore "[a] person or entity engaged in the transmission of solely digital currencies, as defined, would not be required to obtain a TOMA license." 4351, 2019 Gen. These three bills, respectively, seek to: S.B. Zhong pleaded guilty Friday to one count of wire fraud, which carries a maximum sentence of 20 years in prison. H.B. 694focusing on blockchain and cryptocurrency in January 2018. Florida's Money Transmitter Act does not expressly include the concepts of "virtual currencies" or "monetary value" and the State's Office of Financial Regulation has not given direct guidance as to the applicability of the Act on virtual currency users and issuers, but have suggested that persons who offer cryptocurrency "wallets", buy or sell cryptocurrencies, or exchange cryptocurrency for fiat are not necessarily outside the scope of the activity subject to the State's Money Transmitter Act. An act "requiring the secretary of the office of policy and management to develop a plan to incorporate blockchain technology in the administration of a state function." Sess. The New York State Department of Financial Services established a comprehensive regulatory framework for virtual currency businesses called "BitLicense" that requires operations related to transactions involving any form of virtual currency to obtain a license from the state. 2019). 111, 64th Leg., Budget Sess. Sess. Although the National Bank of Georgia does not consider bitcoin and other cryptocurrencies legal Cryptocurrencies and related products are not functional equivalents of traditional banking, securities, or insurance investment products. A trio of proposed bills has been introduced by the State's House (HB 6253, 6254, 6258) that if passed would amend the State's penal code to include cryptocurrency within its definition of "embezzlement", "money laundering", and as related to criminal acts involving credit cards. (N.Y. 2019). It defines virtual currency as "any type of digital unit that is used as a medium of exchange or a form of digitally stored value." 2019). If it ever gains power, the party Girchi which translates as "pine cone" wants to See, e.g., Application of the Definition of Money Transmitter to Brokers and Dealers in Currency and other Commodities, FIN-2008-G008, Sept. 10, 2008. The Anti-Money Laundering Act of 2020 codifies prior Financial Crimes Enforcement Network (FinCEN) guidance by making all transactions in value that substitutes for currency subject to reporting requirements and money transmitter (Mont. This is an ideal environment for cryptocurrency entrepreneurs, whose profits will be re-invested in the economy. H.B. H.B. If enacted, HB180 would regulate money transmission and currency exchange businesses, as well as transmitting value that substitutes for money. (Md. The guidance lays out the Office's policy "regarding the regulatory treatment of virtual currencies pursuant to the statutory definitions of the KMTA." 2019 CA A.B. Along with New York, Washington has emerged as one of the most heavily regulated states for the virtual currency industry. Sess. 1032 (NS). Additionally, the Senate adopted a resolution, "urging the Legislative Council to assign to an appropriate study committee the task of considering the enactment of the Uniform Regulation of Virtual Currency Businesses Act or other virtual currency regulation in the State of Indiana." 2019) (introduced). A.B. 1762, which is "An Act related to the marketplace collection of sales tax." In 2017, Arizona adopted two statutes related specifically to the storage of information on the blockchain. 373 (NS). Companies who wish to transmit money for Washington residents in a digital currency form should contact Washington's Department of Financial Institution for a determination of whether licensure is required under the Uniform Money Services Act. On May 3, 2018, the Vermont General Assembly proposed legislation that enables blockchain technology records to be governed under the authentication, admissibility, and presumptions requirements of the Vermont Rules of Evidence. Memo, Tx. (W. Va. 2019). (Conn. 2017). It also provides a definition of distributed ledger technology. Sess. 5595, 2019 Gen. (Va. 2019). However, on February 18, 2019, the Nevada Senate proposed S.B. 2019 CT S.B. (Okla. 2019). Consumer Prot. Anguillas desirability as a progressive cryptocurrency legislation was further boosted in March this year with its Special Economic Zones Act of 2020, which comprises plans for a special economic zones (SEZ) authority, as well as expansive rules and regulations for the development and certification of the Anguilla SEZ. Willis said in Monday letters to police agencies that she will announce possible criminal indictments between July 11 and Sept. 1. Gen. Ass. Sess. In an administrative release, the Nebraska Department of Revenue found that the term "currency" does not include Bitcoin or other virtual currency. (Ky. 2019). Working Draft of Proposed Rules, 8 CCR 1505-6 (proposed May 16, 2018). Sess. H.B. On January 8, 2019, the House adjourned "session sine die" with respect to this bill. Sess. Dep't of Fin. (Nev. 2019). Assemb., 1st Reg. CODE OF ORDINANCES County of BULLOCH, GEORGIA Codified through Amendment of August 2, 2022. H.B. The State's Money Transmitter act does not explicitly include the concept of "virtual currencies," however it does include the undefined concept of "monetary value." 2487, proposing that, "[t]he Oregon Department of Administrative Services shall study and make recommendations regarding the use of blockchain technology by state agencies to administer public services." 4496 includes v New Jersey has also issued guidance that it would conform to the federal tax treatment of virtual currency, meaning that virtual currency would be treated as intangible property and subject to sales tax. https://legiscan.com/ND/bill/2100/2017. Assemb., Reg. A resolution introduced in May 2019 would create an interim study to examine the need to update the insurance laws in response to technology advancement and innovation and the study would review the interaction of insurance regulation and blockchain. (Iowa 2019). The terms "electronic record" and "electronic signature" include a record or signature secured through distributed ledger technology. 269, 201718 Leg., Reg. (Md. Q3 data (July 1 September 30) is due November 14. On February 4, 2019, Senate Bill 786 was introduced as the "Financial Consumer Protection Act of 2019." The State's Money Transmitter Act does not explicitly include the concept of "virtual currencies" but the State's Regulation and Licensing Department has issued guidance that those that exchange "virtual currency or money or any other form of monetary value or stored value" must be licensed by the FID as a money transmitter. Specifically, it creates the Emerging Technologies Task Force, which is tasked with developing strategies, making recommendations on the development of blockchain technology in the State and how best to "remain a leader in technological innovation" by attracting businesses engaged in blockchain development. 2019). 13, 2017), available at http://www.trustnodes.com/2017/06/13/us-state-montana-invests-directly-bitcoin-mining-operation. Requires the Department of Commerce and Economic Opportunity to incorporate into one or more of its economic development marketing and business support programs, events, and activities topics concerning blockchain technology and financial technology. https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1489. What is needed is clarity that a crypto broker-exchange is a broker for purposes of the Bankruptcy Code, and that the broker might comprise more than one legal entity. Sess. For purposes of sales tax collection, "[p]roviding a virtual currency that buyers are allowed or required to use to purchase products from the seller" qualifies one as a "marketplace facilitator." Sess. The bill's latest update in the legislature was its referral to Alaska's Judiciary Committee in January 2018. H.B. Virtual currency is explicitly included in the definition of "property" in Vermont's Revised Uniform Unclaimed Property Act. Two bills, House Bill 1634 and Senate Bill 1068, before the Maryland legislature were passed and took effect October 1, 2018 and mandate the state's The Alabama Monetary Transmission Act, effective August 2017, defines "monetary value" as "[a] medium of exchange, including virtual or fiat currencies, whether or not redeemable in money." In 2018, the State enacted legislation clarifying that the State's Money Transmitters Act does not require virtual currency exchanges to maintain a reserve fund equal to their customer's aggregate investment. Assemb., 439th Sess. Assemb., Gen. Sess. Sess. 1159, 100th Gen. Sess. H.B. See La. (R.I 2019). Nevertheless, the other proposals related to blockchain technology include: Similar to many other states, for purposes of sales tax collection, the "[p]roviding a virtual currency that buyers are allowed or required to use to purchase products from the seller" qualifies one as a "marketplace facilitator." http://www.rld.state.nm.us/financialinstitutions/faq-s.aspx. California's Money Transmitter Act does not address virtual currencies and the state has not provided official guidance on the applicability of its MTL statute to cryptocurrencies. Inst., Sellers of Checks, available at https://www.wdfi.org/fi/lfs/soc/ (last visited 10/02/2017). 2019). Sess. A.B. https://drive.google.com/file/d/1MmpksD8aAPkmvdRdW0PztGe_eOceq4lk/view. Sess. The bill also recognizes smart contracts as having legal power. Per the state, "[t]he bill provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens. 215, 2017 Leg., Reg. Finally, other bills that were approved include: Republished with permission. 1364 (NS) January 24, 2019. Vermont applies its money transmission laws to virtual currency. 1:52. The State introduced SB 2100 which enables the legislature to study the "feasibility and desirability of regulating virtual currency." (N.J. 2018). (N.D. 2019). With respect to blockchain technology and applications, several bills were introduced in the first quarter of 2019 and include: North Carolina has expanded its Money Transmitters Act to cover activities related to Bitcoin and other virtual currencies. Sess. Two bills, House Bill 1634 and Senate Bill 1068, before the Maryland legislature were passed and took effect October 1, 2018 and mandate the state's Financial Consumer Protection Commission to study cryptocurrencies, initial coin offerings, cryptocurrency exchanges, and blockchain technologies. The state defines blockchain technology as "technology that uses a distributed, shared, and replicated ledger, either public or private, with or without permission, or driven with or without tokenized crypto economics where the data on the ledger is protected with cryptography and is immutable and auditable." (Mo. This bill never got a committee hearing before the Georgia Senate adjourned for its recess, but could be reintroduced during the next legislative session. (Alaska 2017). Sess. 2019). 2747 (NS). Pennsylvania designated April 30, 2019, as "Pennsylvania Health Care Information Technology Awareness Day" and recognized that blockchain technology is a driver of spending growth. Accordingly, if a person or business provides "a virtual currency that buyers are allowed or required to use to purchase products from the vendor," then they can qualify as a "marketplace facilitator" for sales tax purposes. Assemb., Leg. 5596, 2019 Gen. 1032 (NS) March 7, 2019. According to the decision: individuals in Georgia are exempted from income tax on any profit received from selling cryptocurrency; selling cryptocurrency (exchanging The Payment Services Act defines See 1-14 Wisconsin Department of Revenue, Sales and Use Tax Report, at 5 (2014). Sess. S.B. The bill also provides for definitions and regulation of digital assets. Sess. 1500, 242th Leg., 2019 Reg. In February, a bill focused on digital assets was approved. The bill notes the Legislature has found, among other observations, that "[b]lockchain technology and distributed ledger technology allow the secure recording of transactions through cryptographic algorithms and distributed record sharing, and such technology has reached a point where the opportunities for efficiency, cost savings, and cybersecurity deserve study.". 1, 65th Leg., Gen. Sess. (Ala. 2017) 8-7A-2(8). amended its Wyoming Money Transmitter Act to provide an exemption for virtual currency. The law defines virtual currency traders as money transmitters and requires they obtain a license. (Ariz. 2018). Md. H.B. The appellate court held that bitcoin is a "payment instrument," thereby bringing sale of bitcoin within the ambit of Florida's money transmission laws. 146, Reg. South Carolina has proposed to add "virtual currency" to its unclaimed property act. L.B. 695, L.B. With respect to the collection of sales and use tax, a bill adopted in June 2019 states that a person is a "marketplace facilitator" if that person provides, "a virtual currency that buyers are allowed or required to use to purchase tangible personal property." This bill has been postponed indefinitely, so it is still unclear whether a money transmission license is required for cryptocurrency businesses. The State's Money Transmitter laws do not explicitly include "virtual currencies," but does include the concept of "monetary value" as a medium of exchange. Sess. See US State of Montana Invests Directly in a Bitcoin Mining Operation, Trustnodes, (Jun. Assemb., 1st Reg. It also exempts "Open Blockchain Tokens" from security and money transmission laws. Assemb., 1st Reg. Sess. S.B. (Okla. 2019). Print. a public record blockchain study and report. We also have a game for you to guess which country will be next to pass their own laws. (Ariz. 2018). Part of the proposal states: H.B. H.B. (Tex. Sess. (Nev. 2019); S.B. Tennessee introduced various revised provisions of the Revised Tennessee Captive Insurance Act, allowing captive insurance companies to receive payments of premium in cryptocurrency, authorize the payment of claims in cryptocurrency and hold cryptocurrency as surplus for the payment of future claims.

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