S.B. 1-9-332. (Tenn. 2019). 1033 (NS) March 7, 2019. Arizona Statute 44-7061 makes signatures, records, and contracts secured through blockchain technology legally valid. Sess. H.F. 2884, 91st Leg., 1st Reg. 1:52. With respect to blockchain, Kentucky adopted a resolution to "[u]rge the Kentucky Cabinet for Economic Development to work with state and federal officials and study the issue of blockchain technology. 548, 100th Gen. The State has not issued further guidance on the matter. Dep't of Banking, Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act (April 3, 2014). L.B. (Vt. 2019). exempted virtual currencies from state property taxes. These three bills, respectively, seek to: S.B. The State's Department of Labor and Regulation has not issued guidance as to their applicability on virtual currencies. 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." Utilities and regulators appear willing to work with blockchain companies. 868, 2016 Gen. In January 2018, the Idaho Senate introduced a bill that would amend the Idaho Unclaimed Property Act to explicitly include virtual currency as property. 1157, 111th Gen. Sess. 1032 (NS) March 7, 2019. 2019). As a result of the false communications, John Doe sent Odabi and his co-conspirators approximately $5.3 million, including approximately $2 million to accounts held in the name of Oh-Dabi Properties, LLC and American Commodity Exchange, Inc., two Georgia-based companies that Odabi operated. 269, 201718 Leg., Reg. H.B. With respect to sales tax administration, a bill was introduced that states "a marketplace facilitator is required to collect and remit state sales and use taxes as a retail merchant when it facilitates a retail sale for a marketplace seller on the marketplace facilitator's marketplace." 1608, 1st Reg. Consumer Prot. View our staff directory and contact information. (N.J. 2019). A cryptovalue creator and distributor and a cryptovalue exchange is not a money service as defined in. With respect to telecommunications and technology development, the Hawaiian House introduced a bill "to enter into a public-private partnership to plan, build, and manage key strategic broadband infrastructure that benefits the State, including a cable landing station in Kakaako, on the island of Oahu, and to encourage cloud-based companies to take advantage of this infrastructure." See also, H.B. (N.D. 2019). H.B. Sess. 19, 63rd Leg., Gen. Sess. On June 7, 2019, Nevada adopted bills S.B. 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. 70, 65th Leg., Gen. Sess. 300 was pending before the State's legislature and would amend Ohio's Uniform Electronic Transactions Act to include blockchain records and smart contracts and recognize smart contracts as legally enforceable. 2018). Law enforcement will be able to pursue digital currencies in an effort to combat money laundering. 135, 2017 Leg., Reg. Nevada's Money Transmitter Act does not explicitly include "virtual currencies" or "monetary value" and the State's Department of Business and Industry has not published guidance on virtual currency regulations. The State explicitly prohibits the laundering of value through cryptocurrencies. Montana's House introduced two separate bills, H.B. North Carolina law also imposes additional insurance requirements on virtual currency transmitters to address "cybersecurity risks." (Or. In January 2019, the DoBS published guidance clarifying that, generally, virtual currency trading platforms are not money transmitters under state law. Sess. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. S.B. 1352, 121st Gen. Sess. See US State of Montana Invests Directly in a Bitcoin Mining Operation, Trustnodes, (Jun. Sess. The bill adds the definition of blockchain as an electronic record, transaction, or other data which is (1) uniformly ordered; (2) redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; and (3) validated by the use of cryptography. 1662, 110th Gen. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. Sess. These billstogether called the Financial Consumer Protection Act of 2018require the Commission to make recommendations for State actions to regulate cryptocurrencies in its 2018 report to the Governor and the General Assembly. Kansas H.B. See Kansas Office of the State Bank Commissioner, Guidance Document MT 2014-01, Regulatory Treatment of Virtual Currencies Under the Kansas Money Transmitter Act, (June 6, 2014), available at http://www.osbckansas.org/mt/guidance/mt2014_01_virtual_currency.pdf (last visited 7/16/2019). 570 (NS) March 7, 2019. 2415, 2019 Leg., Reg. OCFR [Office of the Commissioner of Financial Regulation] must identify any gaps in the regulation of Fintech firms, including any specific types of companies that are not subject to regulation under State law." Comm'n, 2017 Interim Report (Jan. 2018), available athttp://dls.maryland.gov/pubs/prod/NoPblTabMtg/MdFinProtCmsn/2017-Interim-Report.pdf (last visited 7/16/2019). (Tenn. 2018). S.B. WebQ1 data (January 1 March 31) is due May 15. This site uses cookies to provide you with more responsive and personalized service. For these proprietors, often the first question asked when deciding whether to operate within a state is whether existing state money transmitter rules apply to the sale or exchange of virtual currencies. Sess. There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. With respect to the collection of use tax, a person is a "marketplace facilitator" if that person provides, "a virtual currency that buyers are allowed or required to use to purchase products from the seller." Sess. S.B. According to the decision: individuals in Georgia are exempted from income tax on any profit received from selling cryptocurrency; selling cryptocurrency (exchanging Sess. 649, 54th Leg. 2239, 242nd Leg., Reg. The State's Money Transmitter Act does not expressly include the concepts of "virtual currencies" or "monetary value" and no guidance on the matter has been provided by the State. tit. As digital currency, the coins function as digital money that can be bought, sold, transferred, or earned. The law expressly permits corporations to trade corporate stock on the blockchain so long as the stock ledgers serves three functions: (1) to enable the corporation to prepare the list of stockholders, (2) to record information, and (3) to record transfers of stock. This bill failed to pass. (Co. 2018). establishing that open blockchain tokens with specified consumptive characteristics are intangible personal property and not subject to a securities exemption; requiring developers and sellers of open blockchain tokens to file notices of intent and fees with the secretary of state; authorizing specified enforcement actions; making specified violations unlawful trade practices; repealing provisions granting open blockchain tokens a securities exemption. S.B. Cryptocurrency miners could also be subject to self-employment tax, state and local taxes, and capital gains tax. Obtaining a financial license that allows you to conduct cryptocurrencies in the country is characterized by a number of Sess. H.R. Sess. Vt. Stat. 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. classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets. 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. The bill also calls for a studydue before January 15, 2019into the technology's use in insurance and banking and how state officials can clear the way for such applications within the state's economy. (Wyo. On February 4, 2019, Senate Bill 786 was introduced as the "Financial Consumer Protection Act of 2019." (Mich. 2019); H.B. (Ind. See Technical Advisory Memorandum, N.J. Division of Taxation, Convertible Virtual Currency (TAM20151(R)) (July 28, 2015). N.J.S.A. Attorney Advertising. On July 28, 2019, the Washington Senate passed a bill that recognizes "the validity of distributed ledger technology." Georgia has not yet adopted the Revised Uniform Act, and it is unclear whether cryptocurrency would fall under a catch-all definition of intangible property or perhaps under a broad definition of gift cards/certificates. The High Court of Hong Kong has declared crypto as property in a ruling on Tuesday that involves the now-defunct crypto exchange Gatecoin. (Md. 4562, 242nd Leg., Reg. 5638, 66th Leg., Reg. 2019); H.B. It also provides a definition of distributed ledger technology. 2019 CT S.B. Sess. 700, 57th Leg., 1st Reg. (Mo. Willis said in Monday letters to police agencies that she will announce possible criminal indictments between July 11 and Sept. 1. 2019 GA H.B. 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." Sess. Bloomberg Tax Research subscribers can access the latest information here. Assemb., 439th Sess. Sess. First appeared in Thomson Reuters Payment Systems and Electronic Fund Transfers Guide.". 229). It is barbaric and disgusting. The State's Money Transmitter laws do not explicitly include "virtual currencies" or "monetary value" and the Minnesota Commerce Department has not published guidance on virtual currency regulations. (N.Y. 2019). Sess. Oklahoma's Money Transmitter Act does not explicitly include "virtual currencies" or "monetary value" and the State's Financial Regulation has not published guidance on virtual currency regulations. It has passed the General Assembly and Senate. 2nd Reg. The State's Department of Financial Institutions has not published guidance on virtual currency regulations. 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. H.B. As of May 23, 2019, "in the administration of any new major information technology project, the office [of Information Technology], in conjunction with the state agency with which it is working, shall evaluate the potential use of blockchain and distributed ledger technologies as part of the project." The financial literacy program aimed at empowering Georgians to optimally manage their finances and build financial success. 2238, 66th Leg. (Vt. 2017). (Va. 2019). Another Joint House Resolution would establish a "joint subcommittee to study the emergence and integration of blockchain technology in the economy of the Commonwealth."
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