Bitcoin ATM Shutdown Spotlights Regulatory Uncertainty in Vermont
The Department of Financial Regulation of Vermont has issued a letter to the operators of the state's only bitcoin ATM suggesting that they may be subject to penalties for operating the machine without a money transmitter license. Bitcoin ATM services operator PYC and Blu-Bin, a Burlington-based 3-D printing business, were both sent the correspondence, according to Vermont Public Radio, which went on to estimate the total liabilities for operating without a license at $85,000. The agency has asserted that those involved with the machine were "knowingly engaging in a money service business"....
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Bitcoin ATMs have been a growing market worldwide as Bitcoin slowly and consistently gains popularity, and many parts of the United States have joined the technology revolution. Some states in the union are more interested and accommodating than others. New Hampshire has been very pro-Bitcoin within their state's regulatory framework. It appears that their western next door neighbor, Vermont, is not so much. Vermont goes from Hero to Zero. At the heart of the matter is being licensed by the state of Vermont to operate a Bitcoin ATM. Blu-Bin/PYC has been running this Bitcoin ATM at a Church....
As it look for ways to utilize new innovations for its own record keeping applications, the State of Vermont has asked experts to submit a report on the blockchain technology. The request, signed by the state governor himself, has directed the Secretary of State, the Commissioner of Financial Regulation, and an Attorney General to consult with the delegates of the National Conference of Commissioners on Uniform State Laws and the Center for Legal Innovation at Vermont Law School, while creating a report that elaborately discusses the risks and benefits associated with the blockchain....
A report on the use of blockchain technology as a mechanism for storing state records is set to be delivered to the Vermont legislature by 15th January. According to a summary of the bill, the study is intended to explore "opportunities and risks" for storing electronic facts using blockchain technology. The final version of the bill also requires that the report focus on addressing "unresolved regulatory issues". The mandate for the study was part of an economic development bill signed into law last summer by Governor Peter Shumlin. The law instructs the state's Attorney General, the....
Vermont may be known for more than its dairy farms and green mountains these days. This week the state of Vermont’s Governor has signed a new bill into law that applies virtual currencies to ‘permissible investments’ for money transmission businesses regulated by the Department of Financial Regulation. Virtual Currencies Are Now Permissible Investments....
The cost of using an implementation of the blockchain for a public records management system would outweigh any potential benefits, a report prepared for Vermont’s state legislature concludes. The report, commissioned as part of a broader legislative effort aimed at promoting economic growth, was prepared by Vermont's Secretary of State, Attorney General, and the Department of Financial Regulation. Representatives from the Center for Legal Innovation at Vermont Law School and the Uniform Law Commission also contributed to the report, which was delivered to the legislature on 15th January.