2018). (N.Y. 2019). (N.J. 2019). Letter from Merrily S. Gerrish, Deputy Comm'r of Banks, to Adam Atlas, Att'y (May 12, 2014), available at https://www.mass.gov/files/documents/2017/11/07/SO%2017-007.pdf (last visited 7/16/2019). The State has not provided any guidance as to the applicability of its regulations on virtual currencies. Under the bill, local governments are prevented from taxing blockchain use. The letter came just two days after a U.S. District Court in New York accepted the understanding of the Commodity Futures Trading Commission (CFTC) that cryptocurrencies were commodities, a ruling that on its face appears to take the exchange of cryptocurrencies for fiat currency outside of the definition of money transmission under previous FinCEN and now questionable past guidance. Sess. Sess. Also introduced in February 2019, SB 822 defines "virtual currency" as a medium of exchange, unit of account or store of value and "is not recognized as legal tender by the United States." 2019). Assemb., Reg. With respect to the collection of sales and 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." In February 2019, the Maine House introduced as resolution, H.P. 2488, 80th Leg. Sess. 250 (NS) January 18, 2019. Such statement must describe "the type of money transmission business that will be conducted by the applicant in this state and whether such money transmission will include the transmission of monetary value in the form of virtual currency." Sess. The bill, which took effect on July 1, 2017, expands the Florida Money Laundering Act, Fla. Stat. 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. 436, 2017 Leg.,165th Sess. (Va. 2019). (La. (Minn. 2019). 470, Gen. Court, 166th Sess. Given the potential financial rewards from mining, the government has begun promoting the country as a hub for crypto mining. See Jennifer Jensen, et al, Sales and Use Taxes in a Digital Economy, The Tax Adviser, (Jun. 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). The State's Department of Financial Institutions has issued guidance that they "do not consider the control or transmission of virtual currency to fall under the scope of [the State's Money Transmission Act].] H.B. An act stating that, "on or before October 1, 2019, the Department of Administrative Services shall develop and issue a request for proposals to incorporate blockchain technology to make the administration of a department function more efficient." According to Tennessee's Uniform Unclaimed Property Act, "property" includes virtual currency. H.J.R. 2813, 2019 Leg., Reg. 2019). While the laws in Georgia are relaxed, its important to note that crypto mining is not legal in Georgia. The State requires a license for the transmission of monetary value, but the Mississippi Department of Banking and Consumer Finance has not published guidance as to its applicability on virtual currencies. On January 29, 2019, Michigan's House introduced a line of bills which propose amending the Michigan Penal Code for crimes involving credit cards and crimes involving forgery and counterfeiting, respectively. Proud to be of service to Georgias voters and candidates, the Elections Division of the Secretary of States Office organizes and oversees all election activity, including voter registration, municipal, state, county, and federal elections. (N.J. 2018). See 1-14 Wisconsin Department of Revenue, Sales and Use Tax Report, at 5 (2014). Sess. (Ky. 2018). View the most recent update here (March 2021), https://www.cga.ct.gov/2018/FC/pdf/2018HB-05490-R000303-FC.pdf, https://www.coindesk.com/bitcoin-has-a-florida-problem, https://coincenter.org/link/hawaii-s-issue-with-bitcoin-businesses-has-an-obvious-and-easy-solution, http://www.ilga.gov/legislation/BillStatus.asp? H.F. 2208, 91st Leg. 284, 106th Leg., 1st Reg. 464, 154th Gen. Ass. 101, 64th Leg., Budget Sess. Another introduced bill allows a person to pay taxes using an approved virtual currency. Section 224 of the Delaware Corporate Code states, "Any records administered by or on behalf of the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, method, or 1 or more electronic networks or databases (including 1 or more distributed electronic networks or databases) " (emphasis added). Assemb., 1st Reg. (N.Y. 2019). Another bill introduced in June, 2019 would recognize electronic contact by an owner as written contact and include unclaimed virtual currency within the definition of abandoned property. Sess. H. Res. Sess. 1043 which sought to exempt "an open blockchain token from specified securities transactions and dealings." Many tokens and coins are offered similar to traditional initial public offerings (IPO). The former addresses the definition of a "utility token" and its "consumptive purpose," which means to, "provide or receive goods, services, or content including access to goods, services, or content." Sess. As digital currency, the coins function as digital money that can be bought, sold, transferred, or earned. Sess. 2417, 53d Leg., 1st Reg. (Va. 2018). A bill was introduced that, if enacted, would require the Joint Committee on Government and Finance to study Bitcoin. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. H.B. The state adds to the state's "Uniform Electronic Transactions Act," and addresses signatures and records secured through blockchain technology. AP-14-09, ORDER TO CEASE AND DESIST AND SHOW CAUSE WHY RESTITUTION, CIVIL PENALTIES, AND COSTS SHOULD NOT BE IMPOSED, (June 2, 2014), available at https://www.sos.mo.gov/cmsimages/securities/orders/AP-14-09.pdf (last visited 10/02/2017). 2017). Sess. A.B. Assess the existing blockchain industry in the state. The guidance lays out the Office's policy "regarding the regulatory treatment of virtual currencies pursuant to the statutory definitions of the KMTA." 673, 129th Leg., 1st Reg. The conflicting HB 1426 and SB277, would have exempted virtual currencies from the Money Transmitter Act but was rejected by the State Senate. In July 2017, the state adopted more stringent regulations of virtual currency, passing Senate Bill 5031. With a personal per-capita income of $48,236 in Georgia, choosing the right exchange and coin to purchase is a big decision. 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). 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. state, and federal government websites often end in .gov. 180, 30th Leg., 1st Sess. H.B. 4371, 86th Leg., Reg. 822, 57th Leg., 1st Reg. The State requires a license for the transmission of monetary value, but the Nebraska Department of Banking and Finance has not published guidance as to its applicability on virtual currencies. Assemb., Reg. Cryptocurrency Laws and Regulations by State Louisiana adopted a resolution that requests the Office of Financial Institutions to "study the regulation and licensing of virtual currency businesses by other states in order to determine which provisions may be beneficial to the citizens of Louisiana, with the goal of recommending best practices for a Louisiana licensure statute." Assemb., Reg. 2019 HI H.B. Sess. 185, 65th Leg., Gen. Sess. We are dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Assemb., Reg. Assemb., 2019 Sess. L.B. 269, 201718 Leg., Reg. The distribution of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship with Carlton Fields. Assemb., Leg. It was approved by the governor in March 2019. Despite a lack of regulatory guidance related to blockchain or virtual currencies, Montana is the first government to take a financial stake in a Bitcoin mining operation when it granted Project Spokane, LLC, a data center that provides blockchain security services for the Bitcoin network, a grant of $416,000. 2019 GA H.B. S.B. 192, 104th Leg., Reg. S.B. H.B. Sess. Sess. During this same month, the House also introduced a bill that "changes the law regarding the issuance of stock by corporations." The law is currently in effect, so the status of cryptocurrency mining in Georgia may change. 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. Assemb., Reg. Cryptocurrency 1306.01 (West 2019). tit. (Ala. 2018) 40-23-199.2. The proposed amendment builds in definitions for cryptocurrency and include altering a record by use of distributed ledger technology. (Ga. 2017). "A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term." Ann. Utilities and regulators appear willing to work with blockchain companies. Sess. Bitcoin is the most popular example of a coin or digital currency. 9, 2018), available at https://www.mass.gov/opinion/selected- opinion-18-002 (last visited 7/16/2019). 1048, 66th Leg. The proposal delineates when a person is not considered a broker-dealer and posits ways to comply with exemptions. 53-208.47 (West 2019). Medical products sold in Georgia are required to contain less than 5% THC. H.B. WebCryptocurrencies and related products are not functional equivalents of traditional banking, securities, or insurance investment products. The State explicitly prohibits the laundering of value through cryptocurrencies. 1109, 100th Gen. revise "provisions relating to electronic transactions including a public blockchain as a type of electronic record for the purposes of the Uniform Electronic Transactions Act," and, recognize, "certain virtual currencies as a form of intangible personal property for purposes of taxation.". The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. (Neb. H.B. Sess. 1194, 242nd Leg., Reg. These three bills, respectively, seek to: S.B. With respect to blockchain technology, the state adopted a "Joint Resolution Directing a Study of Blockchain Technology.". (R.I 2019). 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. H.B. N.J.S.A. 1220, 71st Gen. However, both Flannery and Loparev said cryptocurrency is worthy of study if the goal is Cryptocurrency Laws 2297, 218th Leg., 1st Ann. Cryptocurrency The proposal states, "blockchain technology is a critically important development in commerce and finance, and in recognition of the importance of Texas as a center of technology and commerce, the Legislature deems it important to the future of this State to develop and recommend policies for the blockchain industry and to create appropriate legal infrastructure for transactions based upon blockchain, including digital assets and virtual currencies." CO ST 24-37.5-105. Assemb., 1st Reg. 2352 proposes "changes to nexus for the sales and use tax law; requiring tax collection by marketplace facilitators; imposing sales tax on digital products. Courtney Degen. The act exempts banks, bank holding companies, securities-clearing firms, payment and settlement processors, broker-dealers, and government entities. However, the senate introduced a bill on April 30, 2019, which would exempt cryptocurrency sales from the general sales and use tax. (R.I 2019). H.J.R. 1247 (NS) May 30, 2019. Providing a virtual currency that buyers are allowed or required to use to purchase products from the seller qualifies a person as a "marketplace facilitator. Assemb., Reg. 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. Under the statute, the part (iii) requirement is only met if: (A) The developer or seller did not market the token as a financial investment; and. Corporations, limited liability companies, and limited partnerships in Georgia are formed by filing with the Corporations Division. 896.101 to expressly prohibit the laundering of virtual currency, which the bill defines as "a medium of exchange in electronic or digital format that is not a coin or currency of the United States or any other country." Courtney Degen. Another Joint House Resolution would establish a "joint subcommittee to study the emergence and integration of blockchain technology in the economy of the Commonwealth." (Ariz. 2017). On July 28, 2019, the Washington Senate passed a bill that recognizes "the validity of distributed ledger technology." Gathering in the 12th century St George church in Mestia, the regions administrative centre, 200 residents hence
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