269, 201718 Leg., Reg. H.B. Ga. Code Ann. The Michigan Department of Treasury issued guidance defining virtual currency and explaining how sales tax applies when virtual currency is used. On September 20, 2018, Colorado's Division of Banking released Interim Regulatory Guidance entitled, "Cryptocurrency and the Colorado Money Transmitters Act." (Mont. However, unlike shares of a company, not all tokens constitute as equity in a company. (Ariz. 2017). H.J.R. Assemb., 1st Reg. (Wyo. Texas adopted a bill that included statutory language for blockchain technology in the state's Business Organizations Code in the context of "electronic data system[s]." Assemb., 2019 Sess. Sess. (Minn. 2019). 630, seeking to exempt virtual currencies from securities laws and property taxation, respectively. (N.Y. 2019). (Vt. 2017). Sess. (Md. However, the bill died in March 2018. See H.B. 1247 (NS) May 30, 2019. 29, 83rd Leg., Reg. H.B. S.B. Although Pennsylvania doesn't have laws regulating blockchain or digital currency, there has been a step toward the right direction. Sess. South Carolina also introduced legislation establishing the "South Caroline Blockchain Industry Empowerment Act," which would allow a corporation to specify in its articles that shares of the corporation be represented by share certificates in the form of certificate tokens. This law makes a fact or record verified through blockchain technology "authentic" for use in court proceedings. House Bill 5490 was signed into law on June 14, 2018. 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. 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." The Georgia Senate proposed a bill revising Ga. Code Ann. The latest letter was posted July 26, 2016. 1906, 218th Leg., 1st Ann. 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." Another bill was approved on February 28, 2019 focused on open blockchain tokens: H.B. 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". In a letter ruling, the Missouri Department of Revenue determined that an ATM provider "is not required to collect and remit sales or use tax upon transfer of Bitcoins through [their] ATM," because sales and use taxes are imposed solely on items of tangible personal property. Subscribe to update notifications from the Securities Division, The Professional Licensing Boards Division of the Secretary of States Office, Learn about the Georgia Licensing Division, File a complaint regarding licensed or unlicensed individuals, Receive licensing updates and notifications, Which Legal Entity is Right for Your Business, Georgia Department of Economic Development, Better Business Bureau Wise Giving Alliance, Investor Education and Protection Resources, Registering and Notice Filing a Securities Offering, General Provisions and Joint Secretary Proposed Rules, The Securities Division of the Georgia Secretary of States Office, Investor Alert: Bitcoin and Other Virtual Currency-Related Investments. To highlight an application of blockchain technology beyond cryptocurrency, California has proposed an amendment whereby "a county recorder may issue a certified copy of a marriage record by means of blockchain technology." Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. S.F. (Tex. 2601, 53d Leg., 2nd Reg Sess. Sess. 59, 104th Leg., 2019-20 Reg. 2019 CT S.B. The Payment Services Act defines No. Assemb., Reg. Willis said the grand jury could make a decision from July 11 to Sept. 1. The Alabama Monetary Transmission Act, effective August 2017, defines "monetary value" as "[a] medium of exchange, including virtual or fiat currencies, whether or not redeemable in money." The bill was enacted in response to a decision by the Eleventh Judicial Circuit's, Florida v. Espinoza, F14-2023, dismissing a criminal information against Michell Espinoza for money laundering under the rationale that virtual currencies such as Bitcoin are not "money" as defined by the state's Money Laundering Act. Assemb., Reg. New Hampshire has amended its Money Transmitter statute (NH St. 399-G:3) to exempt "persons who engage in the business of selling or issuing payment instruments or stored value solely in the form of convertible virtual currency or receive convertible virtual currency for transactions to another location" from the state's money transmission regulation. Utah adopted the "Blockchain Technology Act," which exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, Money Transmitter Act [and] creates a legislative task force to study the potential applications of blockchain technology to government services." 1762, 191st Gen Ct. (Mass. H.B. Assemb., 2019 Sess. Introduced in March 2019, S.B. 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." 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. 2019). The law is currently in effect, so the status of cryptocurrency mining in Georgia may change. 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. On April 9, 2018, Governor Haslam signed Tennessee Senate Bill S.B. S.B. 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." 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." See, e.g., https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/. 694 would prohibit local governments from taxing or otherwise regulating the use of distributive ledger technology. H.B. (2019). Sess. (Okla. 2019). It defines virtual currency as "any type of digital unit that is used as a medium of exchange or a form of digitally stored value." Massachusetts' regulations on money servicers do not mention virtual currencies and the State's Division of Banks has not published guidance on whether money servicers require a license under. View the most recent update here (March 2021). Sess. Assemb., 1st Reg. If a person provides "a virtual currency that buyers are allowed or required to use to purchase products from the marketplace seller," then that person can be deemed a "marketplace facilitator." 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). Sess. 1351, if adopted, will direct the study of the use of blockchain technology to protect voter records and election results. (Ariz. 2018). 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." 2179 to establish a task force on blockchain applications and legislation. 2018 WA REG TEXT 463297 (NS). 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). HB 1220 was passed by the House but subsequently indefinitely postponed. Sess. passed legislation authorizing corporations to create Blockchains to store records. 2019). 7310 (NS) March 7, 2019. Sess. H.B. (La. S.B. the authorization of "corporations to issue certificate tokens in lieu of stock certificates as specified." 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. H.F. 2208, 91st Leg. With that in mind, we look forward to hearing from you. 1-9-332. This guidance suggests a willingness by the state to embrace the use of virtual currencies and blockchain technologies, as made further evident by the Illinois legislature having empaneled a Blockchain Task Force in February 2017 to study how the state could benefit from a transition to a blockchain based system of record keeping any service delivery. A.B. The senate introduced a bill that would amend the state Money Transmitter Act to include digital currencies in the definition of money transmission. This article attempts to outline the range of regulations or guidance provided by the states with regard to virtual currency regulations or blockchain specific technologies. Assemb., Reg. 339A.330(9) (West 2019). (N.D. 2019). Medical products sold in Georgia are required to contain less than 5% THC. Sess. The proposed statutory changes include ownership representation via use of a blockchain, certificate tokens, and network signatures. DocNum=5553&GAID=14&DocTypeID=HB&SessionID=91&GA=100, http://dls.maryland.gov/pubs/prod/NoPblTabMtg/MdFinProtCmsn/2017-Interim-Report.pdf, http://www.dllr.state.md.us/finance/advisories/advisoryvirtual.pdf, https://www.mass.gov/decision/selected-opinion-18-003, http://www.michigan.gov/documents/treasury/Tax-Policy-November2015-Newsletter_504036_7.pdf, https://www.sos.mo.gov/cmsimages/securities/orders/AP-14-09.pdf, http://www.trustnodes.com/2017/06/13/us-state-montana-invests-directly-bitcoin-mining-operation, https://www.article78againstnydfs.com/raw.php, http://www.cleveland.com/business/index.ssf/2014/04/cleveland_heights_merchants_banking_on_bitcoin_boulevard_to_draw_global_spotlight.html, https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf, State Regulations on Virtual Currency and Blockchain Technologies. That isnt freedom. It is noteworthy that Georgia still does not have a separate law on cryptocurrencies. S.B. Sess. Sess. (N.J. 2018). S.B. (Ariz. 2018). There is a proposal pending within the NY State Assembly to replace the BitLicense with a more innovation-friendly framework, and indeed, many states are attempting to enact crypto-friendly regulations in an attempt to entice entrepreneurs to move to their state. (Wyo. Definition of Crypto-Assets. See Technical Advisory Memorandum, N.J. Division of Taxation, Convertible Virtual Currency (TAM20151(R)) (July 28, 2015). With respect to abandoned or unclaimed property, Kentucky law includes provisions for virtual currency which is to be liquidated and bars claims for gains/losses after liquidation.
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