The Industry's Critique of Illinois's Digital Currency Guidance is In
A planned approach to regulating digital currencies is winning praise from industry participants, public documents reveal. The Illinois Department of Financial and Professional Regulation published its initial guidance in late November as part of a broader push to create a working environment for startups working with the tech (public comments for which the state will be publishing on Monday) The digital currency guidance notably included language that, if finalized, would apply money transmission rules to companies that exchange digital and government-issued currencies, leaving firms that....
Related News
On 1st December, the state of Illinois took its first step in its ambitious multi-agency plan to guide the integration of blockchain technology into government operations. The Illinois Department of Financial and Professional Regulation (IDFPR) announced that it has released for public comment its proposed Digital Currency Regulatory Guidance on decentralized "virtual currencies", which is intended to address inadequacies found in the IDFPR’s interpretation of the state’s Transmitters of Money Act. The release happened at the same time the state’s Department of Innovation & Technology....
The State of Illinois has sought comment on a guidance document it has released on whether a money transmitter license is needed to engage in selling decentralized digital currencies. The document says the department does not require such a license since virtual currencies have not been adopted by governments as currency. The document outlines the Department of Financial and Professional Regulation (IDFPR) interpretation of the state’s Transmitters of Money Act (TOMA) and seeks to establish the regulatory treatment of decentralized digital currencies. The department is not aware of any....
While several proposals are currently at play at the state level in the US, the state of Illinois has begun accepting comments from the public with regards to its published guidance aimed at establishing the regulatory treatment of digital currencies as it currently exists under the state’s Transmitters of Money Act - or TOMA. Comments will be accepted until January 18, 2017, according to the release for comments by the state’s Department of Financial and Professional Regulation. The Department proposed the “Digital Currency Regulatory Guidance” on decentralized digital currencies, such as....
Legislators are now preparing to welcome BitcoinThe General Assembly of the State of Illinois has announced that it has held a hearing regarding the role of virtual currencies and this meeting included a proposed amendment to Illinois's Transmitters of Money Act. Elizabeth Hernandez, the Democratic representative for area 24 in the Illinois House of Representatives, introduced an amendment to the state's Transmitters of Money Act seeking to clarify the role of cryptocurrencies, and their use, throughout the state. The Financial Institutions Committee hearing took place at 3.30 p.m on....
Yesterday's news that the IRS has issued tax guidance on bitcoin has not surprisingly spurred debate on social media. The tax authority in the United States stated that bitcoin should be declared as property, not currency. Further, the tax guidance instructs users of the digital currency to pay capital gains where applicable, meaning that users could have to track every single one of their transactions in order to remain in compliance. Chiming in is the Bitcoin Foundation. The Foundation released a statement on Wednesday declaring the IRS notice "unnecessarily cumbersome"' to users of....