Vermont has passed a new bill concerning its money transmission regulation. It will reportedly include digital currencies.
Vermont has passed a new bill concerning its money transmission regulation. It will reportedly include digital currencies, as it has recently became known.
The bill as passed by the House and Senate is known under H.182 (available here). Signed on March 4, it added to the state`s money transmission law by defining “virtual currency”.
“Virtual currency is stored value that: (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.”, as the bill explained.
As the new law reportedly made clear, digital currencies are now an investment. Still, this is only to the “extent of outstanding transmission obligations received by the licensee in identical denomination of virtual currency”.
Vermont`s decision comes as a surprise, especially in light of its previous position towards digital currencies.
Another publication of cryptocoinnews.com showed that the state received its first Bitcoin ATM in 2014. However, it lost it the following year due to another decision from the Department of Financial Regulation in Vermont. So, Vermont hasn`t been known as a Bitcoin and Blockchain-friendly state.
It is speculated that the new money transmitter law may change that tendency in the long run. Time will show, whether Vermont will adopt a generally more positive attitude towards cryptocurrencies like neighboring New Hempshire.