State and Local Regulations Related to Disruption Map
Click on a state to learn more.
Taxation:
This bill would exempt virtua lcurrency from state ad valorem tax.
This bill would permit Alabama to collect sales tax on remote transactions from Marketplace Facilitators, including those who issue virtual currencies that buyers use to purchase products from the marketplace seller.
This bill would permit the state to collect sales tax on remote transactions including from Marketplace Facilitators who offer a virtual currency that buyers are allowed or required to use to purchase products from the seller.
Would permit the state to collect sales tax on remote transactions including from Marketplace Facilitators who offer a virtual currency that buyers are allowed or required to use to purchase products from the seller.
Under Alabama Statute § 40-23-197, the state affirmatively taxes virtual currencies as "marketplace facilitators.". H.B. 470, 2018 Leg., Reg. Sess. (Ala. 2018) § 40-23-197.
Licensing:
Alabama Monetary Transmission Act includes "virtual" currency such as bitcoin, and lays out a record-keeping process, allowing the Alabama Securities Commission to audit those records. It regulates money transmitters and covers non-banking entities that engage in checks and money transfers, as well as debt management services.
Usage:
Artificial intelligence, Ala. Comm. on, estab. to study and advise Governor and Legislature on state policy issues.
An Act relating to money transmission and currency exchange businesses; relating to transmitting value that substitutes for money; relating to licensing requirements and registration through the Nationwide Multistate Licensing System and Registry; relating to surety bonding requirements; authorizing certain licensees to contract to use subdelegates for reloading funds on certain stored-value cards; relating to record retention, reporting requirements, and enforcement provisions; relating to exemptions; relating to money services Internet activities; relating to transmitting value and currency; and providing for an effective date.
Taxation:
Requires the Department of Revenue to study each of the following: a. Whether a taxpayer may pay their income tax liability using a payment gateway that uses peer-to-peer systems; b. The conversion of cryptocurrency payments to U.S. dollars at the prevailing rate after receipt; and c. The process of crediting the taxpayer's account with the converted dollar amount received, less any fees or costs incurred for conversion.
Relates to income tax; relates to virtual currency. For taxable years beginning from and after Dec. 31, 2018, the bill provides that the amount of any net capital gain included in Arizona gross income for the taxable year that is derived from the exchange of virtual currency for other currency would adjust the gross income.
This bill would impose a sales tax on marketplace facilitators who require/allow virtual currencies to be used by purchasers to buy products from sellers. Includes the broad "software development" clause.
Corporate Finance:
Rewrites the statutory exemption pertaining to securities transaction, including crowdfunding and virtual coin offering. Establishes residency for any entity created before Jan. 1, 2018 or that invests up to 95 percent of its investment assets in offerings. Increases the aggregate limit an issuer is allowed to raise to $5 million in a 12-month period. Modifies the necessary requirements for filing notice with the director. Allows all proceeds to be deposited into any depository institution, whether physical or virtual, that is authorized to do business in the state. Requires the issuer to file an amendment in writing to the director within 30 days if any information on the notice is inaccurate. Asserts that a purchaser compliant with the exemption is not considered an underwriter unless a purchaser purchases more than half of securities or virtual coins offered for sale. Specifies any claim relating to an offering shall be resolved by private arbitration between the parties. Allows the director to solicit offers with federal, state, and foreign regulators. Specifies that a person who facilitates the exchange of a virtual coin is not the dealer. Defines crowdfunding as raising small sums of money from a large group of people to fund a project. Confirms that security with reference to a virtual coin should not be more broadly construed than either securities act or pertinent federal regulation. Applies the statutory provisions against fraud to transactions involving virtual coins. Defines virtual coin as a value represented digitally that can be traded digitally and functions as a means of exchange, a unit of account and value. Prescribes a virtual coin offering as an offer for sale of a security or transaction pertaining to an intrastate offering or crowdfunding as outlined and further stipulates exclusions. Strikes archaic language.
Usage:
This bill legalized Blockchain signatures and recognized the enforceability of smart contracts. Arizona’s Revised Statutes now stipulate that data “written” and stored on Blockchain technology is “immutable and auditable and provides an uncensored truth.”
This bill prohibits localities from restricting cryptocurrency mining in residences.
Appropriations bill where $1,250,000 is appropriated from the state web portal fund to distribute to applied research centers and institutes located in the state that specialize in blockchain.
Corporate Finance:
Relating To The Issuance Of Shares For Corporations, Partnerships, And Associations, By Adding Section 33-6-245, To Provide For The Construction Of Terms Relating To Stock And Certificate Tokens; To Amend Section 33-6-250 Of The 1976 Code, Relating To The Form And Content Of Corporate Stock Certificates, To Authorize Corporations To Issue Certificate Tokens In Lieu Of Stock Certificates; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 47, To Provide That A Person Who Develops, Sells, Or Facilitates The Exchange Of An Open Blockchain Token Is Not Subject To Specified Securities And Money Transmission Laws, And To Provide Specified Verification Authority To The Secretary Of State And Banking Commissioner; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 49, To Create The Financial Technology Sandbox For The Testing Of Financial Products And Services In South Carolina, To Authorize Limited Waivers Of Specified Provisions Of Law Under Certain Conditions, To Establish Standards And Procedures For Sandbox Applications, Operations, And Supervision, To Authorize Reciprocity Agreements With Other Regulators, To Require Criminal History Background Checks, To Require The Creation Of Financial Technology Innovation Accounts To Be Used For Special Purposes, To Require A Consumer Protection Bond, And To Specify Standards For The Suspension And Revocation Of A Sandbox Authorization; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 51, To Specify That Digital Assets Are Property Within The Uniform Commercial Code, To Authorize Security Interests In Digital Assets, To Establish An Opt-in Framework For Banks To Provide Custodial Services For Digital Asset Property As Custodians, To Specify Standards And Procedures For Custodial Services, To Clarify The Jurisdiction Of South Carolina Courts Relating To Digital Assets, To Authorize A Supervision Fee, And To Provide For Other Related Provisions For Digital Assets; To Amend Section 35-11-110 Of The 1976 Code, Relating To The Applicability Of The Anti-money Laundering Act, To Provide That The Anti-money Laundering Act Does Not Apply To The Buying, Selling, Issuing, Or Taking Custody Of Payment Instruments Or Stored Value In The Form Of Virtual Currency Or Receiving Virtual Currency For Transmission To A Location Within Or Outside The United States By Any Means; And To Define Necessary Terms.
Usage:
Concerning Blockchain Technology. Defines blockchain and smart contracts.
Taxation:
This bill would impose a sales tax on remote transactions; includes marketplace facilitators who provide a virtual currency used to purchase products from the seller.
Licensing:
This bill would have required companies that store, transmit, exchange, or issue digital currencies to enroll in a “Digital Currency Business Enrollment Program” with a $5,000 fee. The measure would exempt banks, licensed money transmitters, and merchants using virtual currencies as a means of payment.
Usage:
This bill, until January 1, 2022, requires the Secretary of the Government Operations Agency to appoint a blockchain working group on or before July 1, 2019. This bill, on or before July 1, 2020, requires the working group to report to the Legislature on the potential uses, risks, and benefits of the use of blockchain technology by state government and California-based businesses, as specified.
Corporate Finance:
Colorado Digital Token Act - The bill provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens. "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. ELIMINATES INTERMEDIARY OR CUSTODIAN, EFFECTIVE 8/2/19 REPLACES HB 1426.
Under current law, persons who offer cryptocurrency "wallets", buy or sell cryptocurrencies, or exchange cryptocurrency with fiat currency are not clearly outside the scope of activity subject to the "Colorado Securities Act" or the "Money Transmitters Act". The bill defines a new term, "open blockchain token", to describe a unit of cryptocurrency (e.g., bitcoin), and amends the definition of a security to exclude an open blockchain token so long as it is developed and sold in accordance with specified standards.
The bill defines 'open blockchain token' and exempts certain open blockchain tokens from the definition of 'security' for purposes of the 'Colorado Securities Act'.
Licensing:
The bill exempts the transmission of virtual currency from regulation under the Colorado 'Money Transmitters Act'.
Asset/Property:
This bill concerns the adoption of the "Revised Uniform Unclaimed Property Act". It adds virtual currency to Colorado Unclaimed Property Act definition of property.
Concerning modifications to the "Revised Uniform Unclaimed Property Act" related to property held by a financial organization. Revised to include virtual currency.
Colorado Commission on Uniform State Laws. Section 1 of the bill enacts the 'Revised Uniform Unclaimed Property Act' (act), as adopted by the National Conference of Commissioners on Uniform State Laws in 2016 with Colorado-specific amendments. The act responds to current transactions and practices, in particular electronic records, and seeks to promote uniformity among state laws regarding the disposition of unclaimed property.
Usage:
Bill directs appropriations related to higher education, including directing entry into fee for service contracts related to cyber security & digital ledger technologies such as blockchains
Bill makes appropriations for food systems advisory counsel, including authorization to enter into fee for services agreement for cybersecurity and distributed ledger technologies like blockchain.
Taxation:
Imposes a fee on transactions involving virtual currency.
Licensing:
This bill adds a definition for "virtual currency" and purports to bring virtual currencies under the purview of Connecticut money transmission laws. (Under Connecticut statute, all entities engaging in the business of issuing or selling payment instruments or stored value, receiving money or monetary value for current or future transmission, or the business of transmitting money or monetary value within the United States or to locations outside the United States by any and all means must obtain a money transmitter license in the state.)
Regulates businesses that conduct virtual-currency business activity.
To require licensees under the banking statutes to supervise the operation of their business to ensure compliance with applicable law and to prohibit such licensees from engaging in fraudulent and deceptive acts.
Usage:
Studies the impact that digital currency, blockchain and smart contracts have on state law and businesses.
Usage:
This bill, which amends Delaware’s General Corporation Law, makes it legal for those entities to use blockchain for stock trading and record-keeping.
This bill amends the limited partnership and LLC codes and provides specific statutory authority for Delaware limited partnerships to use networks of electronic databases (examples of which are described currently as "distributed ledgers" or a "blockchain") for the creation and maintenance of limited partnership records and for certain "electronic transmissions."
This bill amends Section 18-104(g) of the Act to provide specific statutory authority for domestic limited liability companies to use networks of electronic databases (examples of which are described currently as "distributed ledgers" or a "blockchain") for the creation and maintenance of limited lability company records and for certain "electronic transmissions."
This bill provides that the registration of a beneficial interest in a statutory trust may be evidenced electronically, including by means of an electronic database or network, including distributed electronic networks or databases.
Asset/Property:
Enacts the Revised Unclaimed Property Act. Includes virtual currency.
Usage:
Blockchain Technology; Establishes Florida Blockchain Task Force in DFS; provides for membership & duties of task force; requires task force to submit report to Governor & Legislature & make presentations; requires DFS to provide support staff & other assistance to task force; provides for termination of task force.
Establishing the Florida Blockchain Task Force within the Department of Financial Services; requiring the task force to develop a specified master plan; specifying duties and procedures of the task force, etc.
Taxation:
Requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees; to require conversion of cryptocurrency payments into U.S. dollars.
Licensing:
Ga. Code Ann. § 7-1-690(b)(1)
The bill authorizes the state's Department of Banking and Finance "to enact rules and regulations that apply solely to persons engaged in money transmission or the sale of payment instruments involving virtual currency," including rules to "[f]oster the growth of businesses engaged in money transmission or the sale of payment instruments involving virtual currency in Georgia and spur state economic development."
Usage:
A RESOLUTION creating the House Study Committee on Financing Options for Cannabis-based Businesses; and for other purposes. Would study emerging technologies, including "blockchain & systems that use a single source of truth," to collect data & use electronic transactions to reduce/eliminate handling of cash.
This bill changes the code's banking and finance section to include "virtual currency" as a defined term. ("'Virtual currency" means a digital representation of monetary value that does not have legal tender status as recognized by the United States government.").
Taxation:
This bill instills an excise tax on remote (online) sellers and “marketplace facilitators" and amends the statute to expand the definition of a “marketplace facilitator” to include a person who provides a virtual currency for use by buyers to purchase goods.
Licensing:
This bill Clarifies the money transmitters law, including updating requirements for money transmitter license and change in control applications, criminal background checks, security devices, permissible investments, records, and voluntary surrender of license. Updates various definitions. It includes virtual currencies in Hawaii's Money Transmitter Act.
This bill would adopt a model bill proposed by the Uniform Law Commission called the Regulation of Virtual Currency Businesses Act. It would regulate the virtual currency business and provide for registration for virtual currency businesses that handle more than $5,000 per year, with tiers of registration depending on business volume.
Amends the laws relating to money transmitters to include virtual currency as a money transmission.
This bill amends the money transmitters act to include “virtual currency” and defines it. The bill adds virtual currency as a “permissible investment” and applies the money transmitter licensee rules to virtual currency. The bill also requires all licensed money transmitters that transfer/store virtual currency to provide a third-party security audit of electronic information and systems. The bill also requires money transmitters to issue a notice and get permission from a customer for transactions involving virtual currency.
Defines "virtual currency" within the Money Transmitters Act. Clarifies that the permissible investment requirements for money transmitter licensees shall not apply to money transmissions of virtual currency.
Usage:
Classifies digital assets under the Uniform Commercial Code. Specifies the manner of perfecting a security interest in digital assets. Authorizes banks to hold digital assets in their custody. Authorizes courts to hear claims relating to digital assets.
Requests the auditor to conduct a sunrise analysis of the regulation of virtual currency business activities.
Taxation:
This bill will require all marketplace facilitators that offer a virtual currency to remit sales taxes to the state on goods sold into Idaho.
Asset/Property:
Amends Idaho’s Unclaimed Property Act to include virtual currency as a “property” and defines virtual currency.
Taxation:
Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that, in addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency. Provides that the Department shall convert such payments to United States dollars at the prevailing rate within 24 hours after receipt of the payment and shall credit the taxpayer's account with the converted dollar amount.
The Blockchain Technology Act. 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.
Asset/Property:
Amends the Presumption of Abandonment Article of the Revised Uniform Unclaimed Property Act. Provides that funds on deposit or held in trust in relation to a prepayment contract are presumed abandoned 40 years after the contract for prepayment was executed, unless the apparent owner has indicated an interest in the property more than 40 years after the contract for prepayment was executed, in which case, 3 years after the last indication of interest in the property by the apparent owner. Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. Provides that if a trustee has a reason to believe that the contact information for a purchaser is no longer valid or the purchaser is deceased, then the trustee shall promptly notify the seller. Provides that a trustee shall report and remit any trust funds relating to an individual account that is presumed abandoned to the State Treasurer. INCLUDES CRYPTOCURRENCIES.
Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age.
Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age. Provides that a business association that has no reportable property shall report to the State Treasurer if the business association has: (1) annual sales of more than $1,000,000; (2) securities that are publicly traded; (3) a net worth of more than $10,000,000; or (4) more than 100 employees. Provides that the State Treasurer does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property under certain circumstances. Provides for the identification of apparent owners of abandoned property using databases of the Secretary of State and the State Board of Elections. Provides for the delivery of reportable virtual currency to the State Treasurer. Makes other changes.
Usage:
Creates the Blockchain Business Development Act. Provides for the creation and regulation of personal information protection companies. Provides for the creation and regulation of blockchain-based limited liability companies as businesses that utilize blockchain technology for a material portion of their business activities. Provides for a public record blockchain study and report. Provides for a blockchain insurance and banking study and report. 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. Defines terms.
Creates the Blockchain Business Development Act. Provides for the creation and regulation of personal information protection companies. Provides for the creation and regulation of blockchain-based limited liability companies as businesses that utilize blockchain technology for a material portion of their business activities. Provides for a public record blockchain study and report. Provides for a blockchain insurance and banking study and report. 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. Defines terms.
Creates the Blockchain Technology Act. Provides for the permitted uses of blockchain technology in transactions and proceedings. Provides limitations to the use of blockchain technology. Prohibits units of local government from implementing specified restrictions on the use of blockchain technology. Defines terms.
Amends the Election Code. Requires the State Board of Elections, in consultation with the Department of Innovation and Technology, to study and evaluate the use of blockchain technology to protect voter records and election results with the assistance of specified experts. Requires the Board to submit a report on the use of blockchain technology to the Governor and General Assembly. Repeals the provisions on January 1, 2023.
There are no blockchain or virtual currency specific regulations enacted or pending in Indiana at this time.
A bill for an act prohibiting the state and political subdivisions of the state from accepting payment in the form of virtual currency.
Taxation:
Licensing:
This bill would amend the State's definition of "marketplace facilitator" to include those that provide a virtual currency that buyers are allowed or required to use to purchase products from the internet.
Asset/Property:
AN ACT relating to financial administration that would include virtual currency in the state's escheatment laws.
Establishes KRS Chapter 393A and creates new sections thereof to enact the Revised Uniform Unclaimed Property Act of 2016; submits a report on the status of the abandoned property fund to the Legislative Research Commission by Dec. 15, 2018. Includes virtual currency.
Usage:
Taxation:
An Act Regarding the Collection of the Sales and Use Tax by Marketplace Facilitators. It would permit the state to collect sales tax on remote transactions including from Marketplace Facilitators who offer a virtual currency that buyers are allowed or required to use to purchase products from the seller.
Taxation:
This bill would would assess sales tax against marketplace facilitators who issue virtual currency.
This bill would would assess sales tax against marketplace facilitators who issue virtual currency. Maryland passes a remote nexus sales tax law; removes virtualcurrency provision common in these bills in favor of a broader definition.
Corporate Finance:
The bill requires MFCPC to study: cryptocurrencies, initial coin offerings, cryptocurrency exchanges, and other blockchain technologies; the Consumer Financial Protection Bureau (CFPB) arbitration rule and the Model Consumer and Employee Justice Enforcement Act; and the possible exemption of retailers of manufactured homes from the definition of “mortgage originator” in federal law.
Usage:
This bill authorizes certain records of a corporation to be maintained by means of any information storage device, method, or electronic network or database, including a distributed electronic network or database, under certain circumstances; requiring a corporation to convert a record maintained in a certain manner into a clearly legible written form on the request of any person entitled to inspect the records; authorizing certain communications, consents, and requests to be made by means of a certain electronic transmission; etc.
Appropriations:
Making appropriations for the fiscal year 2020 for the maintenance of the departments, boards, commissions, institutions and certain activities of the commonwealth, for interest, sinking fund and serial bond requirements and for certain permanent improvements. Includes virtual currency to use to buy or sell products in the definition of marketplace facilitator.
Taxation:
For legislation relative to the marketplace collection of sales tax. Includes virtual currency to use to buy or sell products in the definition of marketplace facilitator.
Making appropriations for the fiscal year 2020 for the maintenance of the departments, boards, commissions, institutions and certain activities of the commonwealth, for interest, sinking fund and serial bond requirements and for certain permanent improvements - includes remote nexus sales & use tax provision including "providing a virtual currency that buyers are allowed or required to use to purchase tangible personal property or services from the seller" in the definition of "marketplace facilitator".
Licensing:
Making appropriations for the fiscal year 2020 for the maintenance of the departments, boards, commissions, institutions and certain activities of the commonwealth, for interest, sinking fund and serial bond requirements and for certain permanent improvements. Includes virtual currency to use to buy or sell products in the definition of marketplace facilitator.
Usage:
Usage:
This bill would include cryptocurrency and distributed ledger technology in definition section of credit chapter in penal code.
This bill would criminalize falsely making/altering/forging/counterfeiting a public record on a blockchain. Although "truth" on a blockchain is unclear, addresses public records intended to be relied upon as legal proof.
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 (includes cryptocurrency and distributed ledger technology in definition section of credit chapter in penal code).
Asset/Property:
This bill would amend the Minnesota Unclaimed Property Act to explicitly include virtual currency as property. 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."
This bill adds a definition of virtual currency and incorporates it into state definition of property for unclaimed property act purposes.
Usage:
There are no blockchain or virtual currency specific regulations enacted or pending in Mississippi at this time.
Tax:
Modifies provisions relating to use taxes. Includes in its marketplace facilitator definition those providing a virtual currency that purchasers are allowed /required to use to purchase products from the marketplace seller.
Corporate Finance:
Revised law relating to cryptocurrency. This bill recognizes utility tokens and creates state securities exemptions.
Taxation:
This bill will prohibit local governments from taxing or otherwise regulating the use of distributive ledger technology.
Usage:
Interim study to examine the need to update the insurance laws of Nebraska in response to technology advancement and innovation including AI & blockchain.
This bill will amend the state's money-laundering statutes to account for cryptocurrencies.
This bill will allow the technology to be used for notarization.
Bill to adopt the Uniform Regulation of Virtual-Currency Businesses Act.
Taxation:
AN ACT relating to taxation; clarifying that certain virtual currencies are intangible personal property for the purposes of taxation; and providing other matters properly relating thereto.
AN ACT relating to electronic transactions; recognizing blockchain technology as a type of electronic record for the purposes of the Uniform Electronic Transactions Act; prohibiting a local government from taxing or imposing restrictions upon the use of a blockchain; and providing other matters properly relating thereto.
AN ACT relating to taxation; requiring certain persons who facilitate retail sales of tangible personal property in this State to collect and remit sales and use taxes owed on such retail sales which they facilitate; providing that certain persons who facilitate retail sales of tangible personal property in this State are not liable for the failure to collect and remit sales and use taxes under certain circumstances; authorizing the Department of Taxation to adopt regulations to require certain persons who list or advertise products to customers in this State to collect and remit sales and use taxes unless certain notice and reporting requirements are met; making an appropriation; and providing other matters properly relating thereto.
Asset/Property:
AN ACT relating to unclaimed property; adopting provisions of the 2016 Revised Uniform Unclaimed Property Act; providing penalties for making fraudulent claims; permitting interagency information sharing under certain conditions; and providing other matters properly relating thereto. Amends the definition of property to include virtual currency.
Usage:
AN ACT relating to crimes; prohibiting the preparation or delivery of documents that simulate legal process for certain purposes; revising provisions governing crimes related to certain financial transactions; providing penalties; and providing other matters properly relating thereto. Revises the definition of “monetary instrument” to include virtualcurrency.
AN ACT relating to electronic transactions; including a public blockchain as a type of electronic record for the purposes of the Uniform Electronic Transactions Act; providing that a person who uses a public blockchain to secure information does not relinquish any right of ownership related to that information; requiring a governmental agency to consider certain uses of its equipment and software in acquiring, replacing or updating an information processing system; requiring a governmental agency to accept a certified copy of a record in electronic form under certain circumstances; authorizing a governmental agency to charge and collect certain fees relating to a certified copy of a record in electronic form; prohibiting a local government from taxing or imposing restrictions upon the use of a public blockchain; and providing other matters properly relating thereto.
Nevada passes SB 163; adds #blockchain to electronic transmission laws, allow businesses (Corp, LLC, LP) to store data/track corp. records on blockchains, authorizes public filings by companies on blockchains.
AN ACT relating to virtual currency; enacting the Uniform Regulation of Virtual-Currency Businesses Act; enacting the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act; providing penalties; and providing other matters properly relating thereto.
This bill revises rules related to cannabis; Cannabis Advisory Commission to study using blockchain & "systems that use a single source of truth," to collect data /efficiently & effectively handle transactions electronically to reduce /eliminate handling of cash.
Taxation:
This bill requires the state treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees and allows state agencies to accept payment in cryptocurrencies after July 1, 2020.
Licensing:
This bill exempts persons using virtual currency from registering as money transmitters.
Taxation:
The Uniform Fiduciary Access to Digital Assets Act that expressly authorizes an estate's executor under certain circumstances to manage digital assets, including virtual currencies, of a decedent. N.J.S.A. 3B: 14-61.1.
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. See Technical Advisory Memorandum, N.J. Division of Taxation, Convertible Virtual Currency (TAM–2015–1(R)) (July 28, 2015).
Usage:
Permits corporations to use blockchain technology for certain recordkeeping requirements.
This bill, the “Digital Currency Jobs Creation Act,” establishes a regulatory framework for digital currency businesses to operate in New Jersey and creates certain incentives for digital currency businesses to locate in the state.
Establishes NJ Blockchain Initiative Task Force to study if State, county, and municipal governments can benefit from a transition to a Blockchain-based system for recordkeeping and service delivery.
This bill provides that corporations may utilize electronic networks, including distributed electronic networks, in order to meet recordkeeping requirements. Current law requires corporations to keep records containing the names and addresses of all shareholders, the number, class and series of shares held by each and the dates when they respectively became the owners of the shares. This bill provides that these corporate records of shares may be kept on an electronic network. It also provides that corporations may use electronic transmissions from electronic networks to meet with certain notice provisions of existing law.
Usage:
Would create a Blockchain Technology Task Force.
Licensing:
BitLicense Regulatory Framework. Under the stipulations of BitLicence, exchanges have to disclose all information about their entire global client base. This creates a number of issues considering other countries have different privacy laws from the United States.
Relates to the audit of cryptocurrency business activity by third party depositories and prohibits licensing fees to conduct such cryptocurrency business activity.
Asset Property:
Relates to recognizing electronic contact by an owner as written contact and including unclaimed virtual currency within the definition of abandoned property.
Usage:
Directs the state board of elections to study and evaluate the use of blockchain technology to protect voter records and election results.
This bill adds distributed ledger technology to its economic development law definitions
Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.
Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.
Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.
In New York State there are many cryptocurrency related transactions. There are a number of exchanges that operate under our Bitlicense. The exchanges under the New York license, allow New Yorkers to buy and sell a number of cryptocurrencies. Additionally in our state, there are
hundreds of Bitcoin ATM machines in local stores. And, numerous companies and stores accept cryptocurrency as payments. New York State collects fees, fines and charges. This bill would create a task force to study the possibility of New York State accepting such payments in cryptocurrency such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Establishes a task force to study the potential designation of economic empowerment zones for the mining of cryptocurrencies in the state of New York.
Relates to creating pilot programs to incentivize consumers to buy locally; up to 10 pilot projects may be created in regions across the state that incorporate the principles of community currency or local community dollars.
Licensing:
Makes clarifying changes to permissible investments and statutory trust under the Money Transmitters Act; provides that if a licensee possesses virtual currency as permissible investments, the Commissioner may at any time request that the licensee verify the aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.
Taxation:
AN ACT to create and enact sections 57-39.2-02.3 and 57-40.2-02.4 of the North Dakota Century Code, relating to collection of sales and use tax by marketplace facilitators; to amend and reenact subsection 22 of section 57-39.2-01, and subsections 6 and 7 of section 57-40.2-01 of the North Dakota Century Code, relating to the definition of retailer and retail sale; and to provide an effective date.
Usage:
AN ACT to create and enact subsection 16 to section 9-16-01, section 9-16-19, a new section to chapter 10-19.1, and section 10-32.1-102 of the North Dakota Century Code, relating to electronic transaction definitions, blockchain technology and smart contracts, number of shareholders, and series limited liability companies; to amend and reenact sections 9-16-02, 10-06.1-17, 10-19.1-01, and 10-19.1-01.2, subsection 6 of section 10-19.1-66, subsection 1 of section 10-19.1-73.3, sections 10-19.1-76.3 and 10-19.1-81, subsections 1, 2, and 11 of section 10-19.1-84, subsection 1 of section 10-19.1-110, subsection 2 of section 10-19.1-146, and subsection 2 of section 10-35-28 of the North Dakota Century Code, relating to electronic transactions, filing of an annual report by corporations engaged in farming or ranching, Business Corporation Act definitions, knowledge and notice, share certificates, corporate voting list and voting trusts, acceptance of shareholder act by the corporation, corporate records, corporate dissolution procedure, and the filing of an annual report by a publicly traded corporation; and to provide an effective date.
A BILL for an Act to provide for a legislative management study of virtual currency.
A concurrent resolution requesting the Legislative Management to study the potential benefit value of blockchain technology implementation and utilization in state government administration and affairs.
Taxation:
Ohio buries remote nexus sales tax law in exceptionally lengthy appropriations bill - includes offering virtualcurrency use as an element of its definition of marketplace facilitator.
Usage:
To enact section 9.16 of the Revised Code to allow a governmental entity to utilize distributed ledger technology, including blockchain technology.
A BILL to amend sections 1306.01, 1306.04, and 1306.06 of the Revised Code to amend the Uniform Electronic Transactions Act to define records and contracts secured by blockchain technology as electronic records and to allow the use of smart contract terms.
Corporate Finance:
Exempting virtual currency from state security laws; authorizing as payment.
Usage:
In Oklahoma, there are currently no blockchain- or virtual currency-specific regulations. However, in 2014, Oklahoma took a clear stance on its treatment of Bitcoin with an official comment to a statute (Okla. Stat. Ann. § 1-9-332) that states that Bitcoin transferees are not afforded the same protections as those afforded to the transferees of money and that a seller who accepts bitcoin does not take the cryptocurrency free of an existing security interest. The Oklahoma legislature has determined that a seller who accepts Bitcoin does not take the cryptocurrency free of an existing security interest. It is unclear what policy supports this distinction under Oklahoma law.
Electronic records; modifying definitions of the Uniform Electronics Transactions Act. Effective date. Adds blockchain technology to its state e-signature laws.
Blockchain technology; planning state-chartered institution; setting standards; requiring report. Would direct the planning of a new state-chartered financial institution to serve as the "central depository for virtual currency used by governmental agencies; require use of blockchain tech; integrate into into banking /financial regulations.
Cryptocurrency; authorizing cryptocurrency to be used for purchases and payments under certain conditions; providing for regulations.
Financial technology; creating the financial technology sandbox for the testing of financial products and services in Oklahoma. Defines blockchain as a a digital ledger or database which is chronological, consensus based, decentralized and mathematically verified in nature
Financial technology; creating Oklahoma Financial Technology Access and Improvement Act. Bill would create a regulatory sandbox within the state Dept. of Commerce; defines "blockchain technology" in its definition of "innovative" technology.
Asset/Property:
Establishes the Cash Depository Corporation as an independent public corporation; prescribes the corporation's purposes and powers; directs the Corporation to lease or acquire real property and to construct or renovate offices, facilities and business locations at which the corporation receives, handles, stores and dispenses cash and other valuable property; establishes the Cash Depository Corporation Fund; requires the corporation to deposit all moneys into the Fund, includes digital currencies.
Usage:
Prohibits state government and political candidates from accepting payments using cryptocurrency.
There are no blockchain or virtual currency specific regulations enacted or pending in Pennsylvania at this time.
Taxation:
An act relating to taxation — sale and use tax–non-collecting retailers, referrers, and retail sale facilitators act. Bill will assess sales tax on marketplace facilitations, including those that provide cryptocurrencies used by buyers to pay for services.
Appropriation bill for FY 2020 includes remote nexus state sales & use tax provision, def. marketplace facilitator includes "Providing a #virtualcurrency that buyers ...use to purchase products from the seller."
Exempts transactions involving virtual currency from the Rhode Island Uniform Securities Act.
Exempts virtual currency from taxation.
Establishes "Digital Asset Business Act". Regulates virtual-currency. Exempts virtual-currency from securities requirements and taxation.
Extends the requirement to collect sales tax to remote sellers in a way that conforms to a recent U.S. Supreme Court decision making it easier for states to compel collection/sales tax from retailers who do not have a physical presence in their state. Permits collection of sales tax for remote transactions; includes marketplace facilitators who issue virtual currencies that buyers are allowed or required to use to purchase products from seller.
Licensing:
Adds virtual currency to the existing electronic money transmission and sale of check licenses and adds additional regulatory provisions to simplify and clarify licensing related thereto.
This bill adds virtual currency to the existing electronic money transmission and sale of check licenses and adds additional regulatory provisions to simplify and clarify licensing related thereto.
Usage:
Repeals the provisions of the general laws allowing deferred deposit providers, also known as "payday lenders." Bill would include "...maintaining control of virtual currency or transactions in virtual currency on behalf of others."
Corporate Finance:
Relating To The Issuance Of Shares For Corporations, Partnerships, And Associations, By Adding Section 33-6-245, To Provide For The Construction Of Terms Relating To Stock And Certificate Tokens; To Amend Section 33-6-250 Of The 1976 Code, Relating To The Form And Content Of Corporate Stock Certificates, To Authorize Corporations To Issue Certificate Tokens In Lieu Of Stock Certificates; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 47, To Provide That A Person Who Develops, Sells, Or Facilitates The Exchange Of An Open Blockchain Token Is Not Subject To Specified Securities And Money Transmission Laws, And To Provide Specified Verification Authority To The Secretary Of State And Banking Commissioner; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 49, To Create The Financial Technology Sandbox For The Testing Of Financial Products And Services In South Carolina, To Authorize Limited Waivers Of Specified Provisions Of Law Under Certain Conditions, To Establish Standards And Procedures For Sandbox Applications, Operations, And Supervision, To Authorize Reciprocity Agreements With Other Regulators, To Require Criminal History Background Checks, To Require The Creation Of Financial Technology Innovation Accounts To Be Used For Special Purposes, To Require A Consumer Protection Bond, And To Specify Standards For The Suspension And Revocation Of A Sandbox Authorization; To Amend Title 34 Of The 1976 Code, Relating To Banking, Financial Institutions, And Money, By Adding Chapter 51, To Specify That Digital Assets Are Property Within The Uniform Commercial Code, To Authorize Security Interests In Digital Assets, To Establish An Opt-in Framework For Banks To Provide Custodial Services For Digital Asset Property As Custodians, To Specify Standards And Procedures For Custodial Services, To Clarify The Jurisdiction Of South Carolina Courts Relating To Digital Assets, To Authorize A Supervision Fee, And To Provide For Other Related Provisions For Digital Assets; To Amend Section 35-11-110 Of The 1976 Code, Relating To The Applicability Of The Anti-money Laundering Act, To Provide That The Anti-money Laundering Act Does Not Apply To The Buying, Selling, Issuing, Or Taking Custody Of Payment Instruments Or Stored Value In The Form Of Virtual Currency Or Receiving Virtual Currency For Transmission To A Location Within Or Outside The United States By Any Means; And To Define Necessary Terms.
Licensing:
There are no blockchain or virtual currency specific regulations enacted or pending in South Carolina at the time of publication. It should be noted, however, that for years South Carolina had been one of only a few states to not have enacted a money transmitter statute. Effective June 9, 2017, South Carolina now requires money transmitters to obtain a license before transmitting money, although the statute's application to virtual currency exchangers is uncertain. A266 2016 Gen. Assemb., 121st Sess. (S.C. 2016).
Usage:
Provide a definition of blockchain technology for certain purposes.
Asset/Property:
As introduced, establishes the legal nature of digital assets within existing law, including the Uniform Commercial Code, and classifies such assets into categories of intangible personal property. - Amends TCA Title 32; Title 34; Title 35; Title 39; Title 45; Title 47 and Title 66.
Usage:
As enacted, recognizes the legal authority to use distributed ledger technology and smart contracts in conducting electronic transactions; protects ownership rights of certain information secured by distributed ledger technology. - Amends TCA Title 12; Title 47; Title 48; Title 61 and Title 66.
This bill bans certain investments in virtual currencies. Specifically, it prohibits trustees of any defined contribution plan or related investment vehicle established as a health benefit by the state insurance company from investing in any cryptocurrency. S.B. 2508, 110th Gen. Ass. 2nd Reg. Sess. (Tenn. 2017).
Usage:
Proposing a constitutional amendment relating to the right to own, hold, and use any mutually agreed upon medium of exchange. Specifically, trhis bill would protect the right to own and use digital currencies.
Bill relating to cybersecurity for information resources.; encourages education in cybersecurity and related topics; encourages local government to use "next generation" technology including blockchain
"Relating to Business Entities" - this bill would include blockchain and distributedledger in the definitions of electronic data systems.
Adding blockchain definition to iits business code: "Electronic data system" means an electronic network or database. The term includes a distributed electronic network or database employing blockchain or distributed ledger technology.
Relating to matters concerning governmental entities, including cybersecurity, governmental efficiencies, information resources, and emergency planning. This bill would appoint state chief innovation officer, create state information sharing & analysis centers, & establish a matching grant program for local governments to defray the costs of cybersecurity projects; includes blockchain as "next generation technology."
This bill seeks to ban usage of anonymous cryptocurrencies between unidentified parties.
Relating to the creation of a work group on blockchain matters concerning this state.
Taxation:
Electric Energy Storage Tax Credit. Would require payment of sales tax by marketplace facilitators; includes those offering a virtual currency for a purchaser to use to purchase tangible personal property, a product transferred electronically, or service offered for sale.
This bill allows Utah to collect sales tax on Marketplace Facilitators who provide a virtual currency for a purchaser to use to purchase tangible personal property, a product transferred electronically, or service offered for sale.
Licensing:
H.C.R. 6, 2015 LEG., Gen. Sess
This bill encourages widespread use of the virtual currency and makes provisions for the council to examine whether the state could minimize risks if Bitcoin or other virtual currencies become a new norm of payment. H.C.R. 6, 2015 Leg., Gen. Sess. (Utah 2015).
Asset/Property:
Unclaimed Property Act revised to include virtual currency within its definition of property.
Usage:
Appropriations bill that includes funding for recently passed Utah Blockchain Technology Act.
Revisor's Technical Corrections to Utah Code. Offers technical corrections, including revisions to 7-25-102, Definitions, to clarify the definitions of blockchain, blockchain token and Money Transmission (which does not include a blockchain token).
Blockchain Technology Act
Internet/Blockchain Voting Study
Defines Blockchain Technology as: "the use of a digital database containing records of financial transactions, which can be simultaneously used and shared within a decentralized, publicly accessible network and can record transactions between two parties in a verifiable and permanent way.
Taxation:
This bill includes providing a virtual currency that purchasers are allowed or required to use to purchase products from marketplace sellers in definition of marketplace facilitator.
This bill proposes to require entities that host third-party sales to collect sales tax or follow notice requirements.
Relates to blockchain, cryptocurrency, and financial technology. Defines a digital currency limited liability company and specifies the requirements of becoming a digital currency limited liability company. The bill requires these entities to maintain a physical presence in the state and subjects them to a transaction tax.
Licensing:
This bill amends Vermont's money transmitter law to allow companies to hold virtual currency as a permissible investment.
Usage:
Calls upon the Center for Legal Innovation at the Vermont Law School, in conjunction with the Vermont Commissioner of Financial Regulation, the Vermont Secretary of Commerce and Community Development, and the Vermont Attorney General, to issue a report to the Vermont General Assembly assessing developing financial applications of blockchain and other technology. The legislation specifically tasks the Center for Legal Innovation to study the opportunities and risks presented by financial technology, including distributed ledger technology, and provide legislative suggestions and metrics for implementing financial technology policies. On December 7, 2017, the Center for Legal Innovation released its report titled the "Financial Technology Report" framing and issuing recommendations for Vermont to pursue financial technology initiatives including blockchain technology.
This act modifies the definition of “blockchain” and “blockchain technology”; enables the creation and regulation of personal information protection companies; creates studies for expanding the use and promotion of blockchain technology; enables the creation of blockchain-based limited liability companies; and creates a study for the potential use of blockchain technology in government records.
An act relating to miscellaneous economic development provisions. Specifically, this law makes a fact or record verified through blockchain technology "authentic" for use in court proceedings.
Taxation:
Budget Bill would update the State's Sales & Use tax laws, tax sales on sellers through marketplace faciltiators; includes in the definition those that provide a virtual currency that purchasers are allowed /required to use to purchase products from marketplace seller.
Virginia passes its remote nexus sales and use tax statute; includes in definition of marketplace facilitator those who provide virtualcurrency for use to purchase goods from marketplace seller.
Remote nexus sales tax law that includes marketplace facilitator virtual currency provisions.
Usage:
Provides for the acceptance of contributions to a candidate, campaign committee, or political committee in the form of digital currency.
Directs the State Corporation Commission to conduct a study of the effects of the growth of cryptocurrencies. The Commission shall report its findings to the members of the General Assembly by Dec. 1, 2018.
Licensing:
Addressing licensing and enforcement provisions applicable to money transmitters and currency exchanges under the uniform money services act. This bill subjects virtual currency businesses to money transmitter laws, requiring the same licensure, regulation, and bonding requirements.
Asset/Property:
epeals chapter 63.29 RCW (the uniform unclaimed property act) and establishes a revised uniform unclaimed property act. Includes virtual currency. This bill that would amend the Washington Unclaimed Property Act to explicitly include virtual currency as property. 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."
Usage:
Prohibits a marijuana producer, processor, or retail outlet from paying with or accepting virtual currency for the purchase or sale of marijuana or marijuana products.
This is a bill relating to recognizing the validity of distributed ledger technology. States that an electronic record may not be denied legal effect, validity, or enforceability solely because it is uses distributed ledger technology.
Establishing the Washington blockchain work group.
Taxation:
Defines virtual currency as any type of digital unit that is used as a medium of exchange or a form of digitally stored value. “Virtual currency” shall be broadly construed to include digital units of exchange that (i) have a centralized repository or administrator; (ii) are decentralized and have no centralized repository or administrator; or (iii) may be created or obtained by computing or manufacturing effort.
A BILL to amend and reenact §11-15A-1 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated §11-15A-6b, all relating generally to collection of use tax; defining terms, requiring collection of use tax by marketplace facilitators and referrers satisfying certain economic nexus requirements; and specifying internal effective date.
Usage:
Requests the Joint Committee on Government and Finance study Bitcoin, its future and potential impact on the state, it’s citizens, and businesses.
West Virginia FinTech Regulatory Sandbox Act
Asset/property:
The revised uniform unclaimed property act. Would address the disposition of unclaimed virtual currencies; defines virtual currency, calls for its liquidation into fiat prior to return to administrator.
Taxation:
1-14 Wisconsin Department of Revenue, Sales and Use Tax Report, at 5 (2014)HCR 29
There are no blockchain or virtual currency specific regulations enacted or pending in Wisconsin at the time of publication. Despite the lack of guidance, the state has refused to issue money transmitter licenses to virtual currency businesses and requires an agreement if a company deals in virtual currency stating that the company will not use virtual currency to transmit money. See State of Wis. Dep't of Fin. Inst., Sellers of Checks. The state has also made it clear that the purchases of taxable goods or services made with virtual currencies are subject to state sales tax, just like any other purchase, but that the virtual currency itself is not subject to sales tax because they are not tangible personal property. See 1-14 Wisconsin Department of Revenue, Sales and Use Tax Report, at 5 (2014).
Taxation:
Exempts virtual currencies from property taxation.
Corporate Finance:
States that developers and sellers of “open blockchain tokens” are not issuers of a security and are therefore exempt from laws pertaining to securities upon meeting specific stipulations.
Licensing:
Relates to trade and commerce; amends the Wyoming Money Transmitter Act explicitly exempting virtual currency businesses from money transmitter laws.
Asset/Property:
This bill classifies digital assets within existing laws; specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets; establishes an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifies standards and procedures for custodial services under this act; clarifies the jurisdiction of Wyoming courts relating to digital assets; specifies applicability; authorizes the promulgation of rules; and provides for an effective date.
Usage:
AN ACT relating to corporate shares and distributions; authorizing corporations to issue certificate tokens in lieu of stock certificates as specified; making conforming amendments; and providing for an effective date.
