What is Happening in Illinois? - Virtual Currency and the Transmitters of Money Act
This week, the state of Illinois General Assembly is holding a hearing regarding virtual currencies and the state's Transmitters of Money Act. Introduced by Republican Elizabeth Hernandez, the proposed amendment to the act will attempt to further clarify the role of virtual currencies throughout the state. For Bitcoin, the hearing marks a time where....
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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....
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....
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....
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....
If you sell or trade bitcoins in the state of New Hampshire, you’ve probably heard the big news: as of January 1st, 2016, bitcoin sellers are considered money transmitters under New Hampshire law, and must be licensed and bonded as such. With this legislation, New Hampshire is following the lead of the federal government, which is leading the push to regulate bitcoin sellers as money transmitters. Still, it’s come as a surprise to many that the home of the Free State Project, and the famously libertarian motto “Live Free or Die,” is one of the first states to adopt these regulations. Under....