1502, 242nd Leg., Reg. 2019). (Pa. 2019). (Md. S.B. Many tokens and coins are offered similar to traditional initial public offerings (IPO). 2019). Ann. S.B. 220, 133rd Gen. Arizona Statute 13-3122 makes it unlawful to require people to use or be subject to electronic firearm tracking technology (including distributed ledger or blockchain technology). Assemb., 2019 Sess. (Wyo. A Joint House Resolution was introduced that, if enacted, would establish a one-year joint subcommittee consisting of seven legislative and five nonlegislative members to study the potential implementation of blockchain in state recordkeeping. 2019 IL S.B. While these proposed regulations have been enacted, the State's Division of Financial Institutions has issued public guidance on the applicability of State MTL to cryptocurrency transactions, stating generally that "cryptocurrency transactions" require a money transmission license. According to the bill, "virtual currency" means "a digital representation of value used as a medium of exchange, unit of account or store of value that does not have legal tender status recognized by the United States." Sess. The State's has not published guidelines on whether virtual currencies transmissions are subject to the Act. (Mo. 2019). Another bill introduced would create a financial technology sandbox program for the testing of financial products and services in West Virginia, including blockchain technology. The government of Georgia has approved amendments to the legal framework for the Caucasian nations financial sector, including additional regulations for The guidance did not explain whether sales of virtual currencies are taxable. 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." 3575 (NS) February 15, 2019. The law defines virtual currency traders as money transmitters and requires they obtain a license. A.B. Nathan Deal signed a bill into law amending Title 7 of the Official Code of Georgia Annotated. (Nev. 2019). S.B. Bitcoin transferees are not afforded the same protections as those afforded to the transferees of money. (Wyo. (Mich. 2019). 137, 88th Gen. L.B. 694focusing on blockchain and cryptocurrency in January 2018. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. 3004, 66th Leg. Digital currency businesses with money transmitter licenses are required to hold a certain amount of permissible investments and this law makes it clear that virtual currency counts as a permissible investment. 2018 NC REG TEXT 501196 (NS). Sess. The bill [also] strikes a reference to "virtual currency" relating to the responsibility of a "marketplace facilitator" to collect sales tax when purchasers of tangible personal property, services, or digital products use virtual currency." It is barbaric and disgusting. 2018 OR REG TEXT 491365 (NS). In February 2019, the Rhode Island House proposed a bill entitled, "AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENTDEPARTMENT OF BUSINESS REGULATIONVIRTUAL CURRENCY (Establishes "Digital Asset Business Act". S.B. (W. Va. 2019). Sess. NDCC 13-09; https://www.nd.gov/dfi/about-dfi/non-depository/frequently-asked-questions-non-depository. 1256, 99th Gen. The creation of a task force "to study the potential designation of economic empowerment zones for the mining of cryptocurrencies in the state of New York." With respect to state tax laws, Nebraska introduced L.B. (Va. 2019). Assemb., 439th Sess. According to the bill, "virtual currency" means "a digital representation of value used as a medium of exchange, unit of account or store of value that does not have legal tender status recognized by the United States. Virtual currency is explicitly included in the definition of "property" in Vermont's Revised Uniform Unclaimed Property Act. See Illinois Department of Financial and Professional Regulation, Digital Currency Regulatory Guidance, (July 13, 2017), available at http://www.idfpr.com/Forms/DFI/CCD/IDFPR%20-%20Digital%20Currency%20Regulatory%20Guidance.pdf (last visited 10/02/2017). During this same month, the House also introduced a bill that "changes the law regarding the issuance of stock by corporations." H.B. H.B. The memo, developed by the Texas Department of Banking, states that Bitcoin and other virtual currencies will not be treated as legal money in Texas. 2019). (Wyo. the creation and regulation of personal information protection companies. The Charities division enforces the laws regulating charitable organizations, paid solicitors, and solicitor agents. H.B. H.B. In an administrative release, the Nebraska Department of Revenue found that the term "currency" does not include Bitcoin or other virtual currency. Sess. 1220, 71st Gen. Sess. Sess. 168, 63rd Leg., Gen. Sess. The state's regulatory scheme has been the subject of much criticism from within the virtual currency industry and has caused a number of popular exchanges, including Poloniex, Bitstamp, Kraken, and Bitfinex to leave the state over the costs associated with complying with the Washington's licensing requirements. The average person in Georgia earns the equivalent of roughly 1.76 BTC or 26.34 ETH per year. According to Tennessee's Uniform Unclaimed Property Act, "property" includes virtual currency. 1:52. H.J.R. The goal of this bill is to "(1) Identify the economic growth and development opportunities presented by blockchain technology; (2) assess the existing blockchain industry in the state; (3) review workforce needs and academic programs required to build blockchain expertise across all relevant industries; and (4) make legislative recommendations that will help promote innovation and economic growth by reducing barriers to and expediting the expansion of the state's blockchain industry.". 101, 64th Leg., Budget Sess. H.B. L.B. Notably, Alabama's Securities Commission has emerged as one of the most active agencies to address fraud in the cryptocurrency industry. Q3 data (July 1 September 30) is due November 14. L.R. 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. S.B. 809 57th Leg., 1st Reg. The High Court of Hong Kong has declared crypto as property in a ruling on Tuesday that involves the now-defunct crypto exchange Gatecoin. 703, 80th Leg. (Mo. Inst., Sellers of Checks, available at https://www.wdfi.org/fi/lfs/soc/ (last visited 10/02/2017). 1045, 66th Leg. 48-2-32 to allow people to pay taxes and license fees with "any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system." Even though Georgia is not on the list of top IT countries, it does rank among world leaders in terms of cryptocurrency mining. 1247 (NS) May 30, 2019. 1364 (NS) January 24, 2019. 66-29-102. The office notes at the end of their opinion that they will continue to monitor the development of virtual payment systems like Bitcoin and may regulate such digital currencies in the future, but have not provided any additional guidance since issuing the letter. With a personal per-capita income of $48,236 in Georgia, choosing the right exchange and coin to purchase is a big decision. 1, 191st Gen. Ct. (Mass. 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. H.B. 4142, 242nd Leg. (Ill. 2018). It uses a different definition of blockchain than used in Utah's Money Transmission law and includes blockchain in a statutory definition of "innovation." (Mont. 2019 CA A.B. The authors of this article are hopeful that over the next several years states will begin to craft regulation that balances the dual needs of protecting consumers from businesses operating in the fledgling industry while also promoting continued innovation by not saddling virtual currency businesses with regulatory burdens that make it financially impractical to operate. (N.J. 2018). (Va. 2018). 2019 FL S.B. the establishment of "the Health Care Provider Credentials Data Solution Fund for the purpose of soliciting proofs of concept to establish or improve a system for the storage and accessing of health care provider credentials data, utilizing blockchain or a similar technology, to be maintained by the Department of Health Professions." During this same month, California also introduced Assembly Bill 147, in which the "providing [of] a virtual currency that buyers are allowed or required to use to purchase products from the seller" can qualify a person as a "marketplace facilitator." 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. 2019). (La. Assemb., Reg. Sess. 470, Gen. Court, 166th Sess. 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. Another pair of bills (A.B. Letter from Merrily S. Gerrish, Deputy Comm'r of Banks, to Oleksandr Lutskevych, CEO, CEX.IO Ltd. (June 14, 2018), available athttps://www.mass.gov/decision/selected-opinion-18-003 (last visited 7/16/2019); Letter from Merrily S. Gerrish, Deputy Comm'r of Banks, to Andrew E. Bigart, Esq., Venable LLP (Mar. S.B. Countries with Crypto as a Legal Tender Predict next Country / Region 229). Sess. Effective September 1, 2019, "digital currency" is added to the definition of funds for purposes of money laundering. This uncertainty is made all the more complicated by potentially contradictory guidance from the Federal government. A licensee shall be an active corporation organized pursuant to the laws of New Mexico. S.B. 136, Gen. Cryptocurrency opportunities will potentially reference bothcoinsand tokensand while both terms are similar, there are differences in how coins and tokens operate. https://legiscan.com/ND/bill/2100/2017. 1301 which requires certain virtual currency person or businesses who qualify as "marketplace facilitators" to collect "the sales and use tax on certain sales by a marketplace seller to a buyer in the state under certain circumstances." However, on February 18, 2019, the Nevada Senate proposed S.B. Some foreign (out-of-state) entities which do business in Georgia also must file with the Corporations Division. See H.R. 2019). the authorization of "the secretary of state to develop and implement a blockchain filing system." 2257, also seeking to adopt a version of the Virtual Currency Business Act was introduced in 2018 but has not yet passed the House. New Jersey's Money Transmitter Act does not explicitly include "virtual currencies" or "monetary value" and the State's Department of Banking and Insurance. 339A.330(9) (West 2019). 1954, 57th Leg., 1st Reg. 153, 2018 Reg. Sess. (IV) The developer or seller takes other reasonable precautions to prevent buyers from purchasing the token as a financial investment. 1859, 86th Leg., Reg. S.B. However, the senate introduced a bill on April 30, 2019, which would exempt cryptocurrency sales from the general sales and use tax. 1351, 242nd Leg. 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." Assemb., 1st Reg. The few states that have attempted to enact comprehensive regulations, including New York's much maligned "BitLicense" scheme, has resulted in an exodus of blockchain and virtual currency businesses from states attempting to treat all virtual currency operators identically with traditional money transmitters that are better equipped to deal with an overly restrictive regulatory framework. A bill was introduced that, if enacted, would require the Joint Committee on Government and Finance to study Bitcoin. 64H.1.7 (2019). 354, Gen. Reg. S.B. 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. Sess. "A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term." Sess. 2019). Sess. A bill introduced in January 2019 would require the state treasurer to "develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020." Sess. Another bill was approved on February 28, 2019 focused on open blockchain tokens: H.B. Sess. 2019); H.B. 269, 201718 Leg., Reg. 1601, 2019 Leg., Reg. A person shall not engage in business as a cryptovalue creator and distributor or as a cryptovalue exchange without first having obtained a license to do so from the division. (Vt. 2019). 2019). H.C.R. 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." 1762, 191st Gen Ct. (Mass. Sess. Exempts virtual-currency from securities requirements and taxation.)." (Md. 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. Currently, the State's Money Services Act requires a license for the transmission of "monetary value," however the State's Division of Banking has not published guidelines on whether virtual currencies transmissions are subject to the Act. Sess. Assemb., Reg. Under the bill, local governments are prevented from taxing blockchain use. (Vt. 2017). H.P. 378, 63rd Leg., Gen. Sess. 5847, 2019 Gen. An act prohibiting the use of noncompete agreements in the blockchain technology industry. Arizona Statute 11-269.22 prohibits any county from prohibiting individuals from "running a node on blockchain technology" in a residence, as defined as "providing computing power to validate or encrypt transactions in blockchain technology." 320.6, which makes it unlawful to sell or exchange a raffle ticket for any kind of cryptocurrency. 184 (NS) March 5, 2019; 2019 CO H.B. An act making appropriations for the fiscal year 2020 includes a remote nexus sales and use tax provision, including marketplace facilitators who permit sales via virtual currency that buyers are allowed or required to use to purchase products from the seller. 8783, 240th Leg., Reg. S.F. state, and federal government websites often end in .gov. H.B. 2019). In January 2019, the DoBS published guidance clarifying that, generally, virtual currency trading platforms are not money transmitters under state law. H.B. In March 2019, the Missouri House introduced H.B. Finally, other bills that were approved include: Republished with permission. S.R. For example, in March 2018 the Financial Crimes Enforcement Network (FinCEN) published a letter stating that token issuers were money transmitters required to follow federal money transmitter requirements. The proposed statutory changes include ownership representation via use of a blockchain, certificate tokens, and network signatures. (Ky. 2019). The State has not issued further guidance on the matter. (N.D. 2019). (Vt. 2019); H.B. 7-1-680(26) ("'Virtual currency" means a digital representation of monetary value that does not have legal tender status as recognized by the United States government."). The Kentucky House of Representatives enacted a bill that amends Kentucky's Unclaimed Property Act to explicitly include virtual currency as property. Sess. However, both Flannery and Loparev said cryptocurrency is worthy of study if the goal is Ass., 2nd Reg. The House also proposed a bill to create "the Uniform Regulation of Virtual-Currency Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act." 2019). 2588, 2019 Leg., Reg. (Mo. (Ohio 2019). The department also offers educational resources that caution consumers of the "Crypto Investment Craze." Sess. 9, 121st Gen. (Nev. 2019); S.B. 117, 2019-20 Leg., Reg. The proposed statutory amendments includes the addition of definitions for "automated transaction," "digital asset," "digital consumer asset," "digital security," and "open Blockchain token." Sess. R. 44.11.408. L.B. Medical products sold in Georgia are required to contain less than 5% THC. 1608, 1st Reg. (N.D. 2019). The State has not provided any guidance as to the applicability of its regulations on virtual currencies. Sess. The purpose of this guidance is to explain "when a person or organization engaged in the business of buying, selling and/or facilitating the transfer of cryptocurrency within the state is required to be licensed as a money transmitter under Colorado law." 673, which "directs the Commissioner of Economic and Community Development to establish a working group to develop a master plan for fostering the expansion of the blockchain technology industry in the State and recommend policies and investments to make the State a leader in blockchain technology." https://www.mass.gov/regulations/209-CMR-4500-licensing-and-regulation-of-money-services-bThe state's Money Transmitter act. S.B. The state's Department of Finance issued several "Money Transmitter No-Action and Opinion Letters" addressing problems related to virtual currency and the state's money transmission laws. Inst., Virtual Currency Regulation, available at https://dfi.wa.gov/documents/money-transmitters/virtual- currency-regulation.pdf (last visited Jul. (Iowa 2019). The Act prohibits local governments from imposing taxes on the use of blockchain, from requiring any person or entity to obtain a permit to use blockchain technology, or from imposing any other requirement relating to the use of blockchain. The State's Financial Consumer Protection Commission has issued a report noting the State does not require a license or registration for companies dealing with virtual currencies. 2017). With that in mind, we look forward to hearing from you. 164, 106th Leg., 1st Reg.
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