A draft proposal contains recommendations for licensure requirements for those conducting virtual currency businesses across states.
Lawmakers from around the country will meet in San Diego from July 14-20, 2017, at the Uniform Law Commission annual meeting. One of the topics that will be discussed is the proposed Uniform Regulation of Virtual Currency Businesses Act.
The draft contains recommendations from legal organizations, though the bill will likely undergo various changes from its current form, as attempts are made to persuade lawmakers to adopt it.
According to the draft, the act’s purpose is to “create a statutory structure for regulating the ‘virtual currency business activity’ of person offering services or products to residents of enacting states.”
The act is aimed at businesses with services that encompass “the exchange of virtual currencies for cash, bank deposits, or other virtual currencies; the transfer from one customer to another person of virtual currencies; or certain custodial or fiduciary services in which the property or assets under the custodian’s control or under management include property or assets recognized as ‘virtual currency.’”