georgia cryptocurrency laws

N.C. Gen. Stat. On September 20, 2018, Colorado's Division of Banking released Interim Regulatory Guidance entitled, "Cryptocurrency and the Colorado Money Transmitters Act." 488 revises provisions relating to businesses engaged in the development of emerging technologies. Massachusetts' regulations on money servicers do not mention virtual currencies and the State's Division of Banks has not published guidance on whether money servicers require a license under. Per the proposal, "[t]he task force shall study and evaluate the status and development of blockchain technology, investigate potential uses for the technology for economic development and business transactions and make recommendations for any changes necessary in state statutes that can promote adopting, using and developing blockchain technologies." 2487, 80th Leg. In January 2019, the Oregon House introduced H.B. These bills were referred to the committee on judiciary in December 2018. Sess. The State requires a license for the transmission of monetary value, but the Mississippi Department of Banking and Consumer Finance has not published guidance as to its applicability on virtual currencies. Buford, GA Governor Brian P. Kemp, accompanied by First Lady Marty Kemp, Lieutenant Governor Burt Jones, Attorney General Chris Carr, Colonel Chris Wright, Georgia Bureau of Investigation Director Mike Register, and members of the General Assembly, signed SB 44 today at the Georgia Sheriffs' Association Command Staff Finally, other bills that were approved include: Republished with permission. Regarding Iowa tax law, the House introduced a bill that "exempts virtual currencies from individual, corporate, franchise, sales and use, and inheritance taxes. 269, 201718 Leg., Reg. Georgia Man Indicted for Scheme to Defraud Elderly Suffolk County Victim of More Than $5 Million Tuesday, April 25, 2023 For Immediate Release U.S. Attorney's Office, Eastern District of New York Defendant and his Co-Conspirators Falsely Told Victim to Send Millions of Dollars to Claim Certificate Needed for Inheritance While these proposed regulations have been enacted, the State's Division of Financial Institutions has issued public guidance on the applicability of State MTL to cryptocurrency transactions, stating generally that "cryptocurrency transactions" require a money transmission license. S.B. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. The effect of these definitions would be to legalize and facilitate record keeping using distributed ledgers. This site uses cookies to provide you with more responsive and personalized service. (Mo. (Tex. Medical products sold in Georgia are required to contain less than 5% THC. Assemb., 1st Reg. Money transmission includes receiving monetary value (including virtual currency) for transmission. H.B. 9, 2018), available at https://www.mass.gov/opinion/selected- opinion-18-002 (last visited 7/16/2019). The proposal states, "blockchain technology is a critically important development in commerce and finance, and in recognition of the importance of Texas as a center of technology and commerce, the Legislature deems it important to the future of this State to develop and recommend policies for the blockchain industry and to create appropriate legal infrastructure for transactions based upon blockchain, including digital assets and virtual currencies." 136, Gen. (Vt. 2017). S.B. WebCompanies doing Business in Georgia that are Licensed with or Registered by the Department: The Department uses the Nationwide Multistate Licensing System ( NMLS) to manage its Mortgage and Money Service Business (MSB) licensees. On January 8, 2019, the House adjourned "session sine die" with respect to this bill. 1327, 63rd Leg., Reg. H.B. H.B. 1032 (NS). Assemb., 1st Reg. (Wyo. In November 2018, Ohio became the first state to allow companies to pay a variety of tax burdens with cryptocurrency. Gen. Ass. The term does (Wyo. Sess. According to the decision: individuals in Georgia are exempted from income tax on any profit received from selling cryptocurrency; selling cryptocurrency (exchanging (Mo. So, its essential to check the laws on this in your current country of tax residency. If you are a legal resident of Georgia, you can exchange your crypto directly to Georgian Lari (GEL) and have it deposited by the exchange service into a bank account at any of the Georgian commercial banks, often on the same day. Sess. (Va. 2019). Sess. H.B. 584, 66th Leg. Ann. H.B. 1502, 242nd Leg., Reg. Code Ann. With respect to sales tax administration, a bill was introduced that states "a marketplace facilitator is required to collect and remit state sales and use taxes as a retail merchant when it facilitates a retail sale for a marketplace seller on the marketplace facilitator's marketplace." Sess. WebCrypto mining is legal and unrestricted in Georgia. 7-1-690(b)(1). A.B. 2019 CT H.B. (Mont. However, "an exchanger that holds customer funds while arranging a satisfactory buy/sell order with a third party, and transmits virtual currencybetween buyer and seller, will typically be considered a virtual currency transmitter." 2017). Relevant to the financial market, another bill was introduced to establish a financial technology regulatory sandbox program to test financial technology products, including "cryptocurrency business activity." Sess. S.B. (Tex. revise "the definition of "electronic transmission" as it relates to certain communications of certain business entities to include the use of a blockchain or public Blockchain,". Sess. 691, and L.B. Adopted in April 2019, a person or business will be a "marketplace facilitator" for purposes of state sales tax law if that person "provides a virtual currency for a purchaser to use to purchase tangible personal property, a product transferred electronically, or service offered for sale." H.B. (Ala. 2017) 8-7A-2(8). 7141, 2017 Leg., 2017 Jan. Reg. (Mo. Under Alabama Statute 40-23-199.2, the state affirmatively includes the "providing [of] a virtual currency that purchasers are allowed or required to use to purchase products from the marketplace seller" into the definition of a "marketplace facilitator." S.B. If a person provides "a virtual currency that buyers are allowed or required to use to purchase products from the internet retailer," then that person can be deemed a "marketplace facilitator" under Kansas state tax law. (Or. Sess. Another separate proposal titled H.B. 163, 2019 Leg., 80th Reg. The Securities Division of the Office of the Secretary of State is charged with the implementation and enforcement of the Georgia Uniform Securities Act of 2008. We are dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Specifically, the special commission shall examine the following: (a) The feasibility of using blockchain technology for government records or delivery of services; (b) The validity and admissibility of blockchain records in court proceedings; (c) The advisability of allowing corporate records to be kept using blockchain technology, including any security requirements necessary to ensure the accuracy of such records; (d) The advisability of using blockchain technology to protect voter records and election results; (e) The feasibility of creating statewide registries using blockchain for such topics as firearms, marijuana or opiates; (f) The advisability of government agencies accepting payment in cryptocurrencies; (g) The advisability of taxing cryptocurrency transactions as part of the sales tax; (h) The advisability of allowing cryptocurrencies as a form of payment for cannabis retail stores; (i) The feasibility of regulating the intense energy consumption associated with cryptocurrencies; and. A person shall not engage in business as a cryptovalue creator and distributor or as a cryptovalue exchange without first having obtained a license to do so from the division. See H.B. 2019). 1393 (NS). (Ariz. 2018). The guidance lays out the Office's policy "regarding the regulatory treatment of virtual currencies pursuant to the statutory definitions of the KMTA." 2019 Arkansas Laws Act 1061 (H.B. (Conn. 2017). Licensees shall pay to the division an annual licensing fee of one hundred dollars ($100). The terms "electronic record" and "electronic signature" include a record or signature secured through distributed ledger technology. Introduced in March 2019, S.B. H.B. 5278, 2019 Gen. The law is currently in effect, so the status of cryptocurrency mining in Georgia may change. H.B. 7310 (NS) March 7, 2019. The bill adds the definition of blockchain as an electronic record, transaction, or other data which is (1) uniformly ordered; (2) redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; and (3) validated by the use of cryptography. Assemb., Reg. For purposes of sales tax collection, "[p]roviding a virtual currency that buyers are allowed or required to use to purchase products from the seller" qualifies one as a "marketplace facilitator." 67-4a-102. H.B. All Rights Reserved. (Iowa 2019). The Georgia Secretary of State oversees voting, tracks annual corporate filings, grants professional licenses, and oversees the state's securities' market. 23 NYCRR 200. Tenn. Code Ann. On the same day, the House also introduced H.B. The creation of a task force "to study the potential designation of economic empowerment zones for the mining of cryptocurrencies in the state of New York." This handy guide will give you a complete state-by-state breakdown of cryptocurrency sales and use tax laws and regulations. (Wyo. S.B. (Tenn. 2018). Sess. Inst., Consumer and Investor Advisory on Virtual Currency (2014), available at http://www.ofi.state.la.us/SOCGuidanceVirtualCurrency.pdf (last visited 7/16/2019). In order to set up a blockchain-based company, applicants must "specify whether the decentralized consensus ledger or database utilized or enabled by the BBLLC will be fully decentralized or partially decentralized and whether such ledger or database will be fully or partially public or private." The goal of this bill is to "(1) Identify the economic growth and development opportunities presented by blockchain technology; (2) assess the existing blockchain industry in the state; (3) review workforce needs and academic programs required to build blockchain expertise across all relevant industries; and (4) make legislative recommendations that will help promote innovation and economic growth by reducing barriers to and expediting the expansion of the state's blockchain industry.". (Wash. 2019). With respect to Maryland state tax law, the Maryland house introduced H.B. (La. S.B. A bill was introduced that, if enacted, would require the Joint Committee on Government and Finance to study Bitcoin. (Nev. 2019). Explore rules additionally regulations related to cryptocurrency and online current state-by-state. Relatedly, a bill adopted in July, 2019, states that the "providing [of] a virtual currency used to purchase products from the marketplace seller" deems a person a "marketplace provider" who might need to collect sales tax. (Okla. 2019). Requirements Georgia cryptocurrency business set up. It also provides a definition of distributed ledger technology. 1159, which "establishes regulations for financial institutions providing services for digital assets." All Georgia public records are available for inspection and copying unless they are specifically exempted from disclosure under the law. Updated on August 29, 2019. 821 (NS) March 1, 2019. (iii) The developer or seller of the token did not sell the token to the initial buyer as a financial investment. Sess. Admin. In addition, Georgia permitted its (Va. 2019). An act "to study the use of blockchain technology in managing elector information." (Pa. 2019). Willis said the grand jury could make a decision from July 11 to Sept. 1. signed a 6-week abortion ban into law that effectively means that people who have been raped, who are the victims of incest, and who are experiencing life- threatening pregnancies are going to be denied the care that they need and will be forced to give birth. This requirement has proven financially untenable for virtual currency operators, including Coinbase, who have suspended service to Hawaii. Sess. See Idaho Department of Finance, Letter Re: Money Transmissions (Dated July 26, 2016), available at http://www.finance.idaho.gov/MoneyTransmitter/Documents/NAOP/Digital%20Currency/2016-07-26.pdf (last visited 10/02/2017). 2019). The Senate also introduced a bill "clarifying status of open blockchain tokens under certain conditions." Sess. (Neb. The creation of an "office of financial resilience" of which one responsibility would be "to advocate on behalf of blockchain startups and companies focused on building and supporting local economies." 2601, 53d Leg., 2nd Reg Sess. H.B. (R.I 2019). 2018). Sess. In January 2019, the Washington House introduced a bill that would amend the Washington Unclaimed Property Act to explicitly include virtual currency as property. 2018). What is needed is clarity that a crypto broker-exchange is a broker for purposes of the Bankruptcy Code, and that the broker might comprise more than one legal entity. 1301, Gen. Penalties for violating this proposed bill could be as high as $50,000 for each day of violation. H.B. 215, 2017 Leg., Reg. H.B. On June 25, 2019, the Florida Legislature also adopted H.B. (Okla. 2019). House Bill 5490 was signed into law on June 14, 2018. A variety of tax bills are also proposing that the "providing a virtual currency that purchasers are allowed or required to use to purchase products from the marketplace seller" qualifies a person or business as a "marketplace facilitator" for state tax collection and remittance purposes. In February 2019, H.B. state, and federal government websites often end in .gov. A person or business engaged solely in transmitting virtual currency, therefore, would not have to obtain a license to do so. Ultimately, the state adopted a version of H.B. (Ala. 2017) 8-7A-2(10). 6995 (NS). The Michigan Department of Treasury issued guidance defining virtual currency and explaining how sales tax applies when virtual currency is used. (Wyo. Sess. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. It is barbaric and disgusting. See, e.g., https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/. Reg. This publication may not be quoted or referred to in any other publication or proceeding without the prior written consent of the firm, to be given or withheld at our discretion. The state legislature signed SB 443 into law, which is entitled, "An Act Establishing The Connecticut Working Group." The bill [also] strikes a reference to "virtual currency" relating to the responsibility of a "marketplace facilitator" to collect sales tax when purchasers of tangible personal property, services, or digital products use virtual currency." Georgia was the second US state to propose a law that would allow its citizens to pay taxes in Bitcoin and other cryptocurrencies. Sess. The appellate court held that bitcoin is a "payment instrument," thereby bringing sale of bitcoin within the ambit of Florida's money transmission laws. 2019 CO S.B. Originally published onOctober 17, 2017. For these proprietors, often the first question asked when deciding whether to operate within a state is whether existing state money transmitter rules apply to the sale or exchange of virtual currencies. The office notes at the end of their opinion that they will continue to monitor the development of virtual payment systems like Bitcoin and may regulate such digital currencies in the future, but have not provided any additional guidance since issuing the letter. If passed, it would also amend the Alaska Uniform Money Services Act to expressly include dealing in virtual currency within its definition of money transmission. (Tex. (j) Any other related topic which the commission may choose to examine in relation to blockchain or cryptocurrencies. 2702 (NS). 2017). In January 2018, the New Jersey Assembly introduced the Digital Currency Jobs Creation Act. In January 2019, Hawaii introduced a bill to adopt "the Uniform Regulation of Virtual-Currencies Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act." Sess. The state adds to the state's "Uniform Electronic Transactions Act," and addresses signatures and records secured through blockchain technology. 140 (NS). See, e.g., S.B. (Fla. 2017). (Ariz. 2018). The model legislation has had provisions adopted by a few states, including Hawaii and has been supported by the American Bar Association, but has not been fully implemented by any state. Follow these steps to buy the crypto of your choice: Step 1: Compare exchanges. H. Res. Adopted in 2018, but not yet effective, A.B. 1194, 242nd Leg., Reg. In February 2019, the Missouri House introduced H.B. The Arizona House passed HB 2601 and 2602, both of which await approval by the State's Senate. Utah adopted the "Blockchain Technology Act," which exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, Money Transmitter Act [and] creates a legislative task force to study the potential applications of blockchain technology to government services." Assemb., Reg. https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1489. H.B. H.J.R. (Mich. 2019). During this same month, California also introduced Assembly Bill 147, in which the "providing [of] a virtual currency that buyers are allowed or required to use to purchase products from the seller" can qualify a person as a "marketplace facilitator." Governor Rick Scott signed House Bill 1379 in June 2017. Georgia to Unveil New Cryptocurrency Law by This Fall Authorities in Georgia are now holding discussions with industry representatives to finalize a bill (R.I 2019). 2019). Assemb., Reg. A pending bill by the Texas House would require identity verification before sending digital currency payments H.B. 700, 57th Leg., 1st Reg. The first point could be addressed by a simple amendment to the definition of stockbroker, in section 101 of the Code. Foreigners from more than 90 countries can visit Georgia and stay in the country 365 days a year without a visa. (Wyo. 2019). 479, 100th Gen. The Illinois House also introduced HB 2540 to create the Blockchain Business Development Act. Multiple bills have set to amend or add definitions with respect to digital currencies and blockchain. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. 1032 (NS) March 7, 2019. Despite a lack of regulatory guidance related to blockchain or virtual currencies, Montana is the first government to take a financial stake in a Bitcoin mining operation when it granted Project Spokane, LLC, a data center that provides blockchain security services for the Bitcoin network, a grant of $416,000. 162, 2019 Leg., 80th Reg. H.B. (Mo. OCFR [Office of the Commissioner of Financial Regulation] must identify any gaps in the regulation of Fintech firms, including any specific types of companies that are not subject to regulation under State law." The department also offers educational resources that caution consumers of the "Crypto Investment Craze." 464, 154th Gen. Ass. South Carolina also introduced legislation establishing the "South Caroline Blockchain Industry Empowerment Act," which would allow a corporation to specify in its articles that shares of the corporation be represented by share certificates in the form of certificate tokens. Along with New York, Washington has emerged as one of the most heavily regulated states for the virtual currency industry. 373 (NS). 3002, 66th Leg. 2239, 242nd Leg., Reg. However, on February 18, 2019, the Nevada Senate proposed S.B. Fraudsters often use the novelty of cryptocurrencies to lure investors into scams. 2019). The State introduced SB 2100 which enables the legislature to study the "feasibility and desirability of regulating virtual currency." the creation if the "Financial Technology Sandbox Act," whereas the adopted bill states that "Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators, and should offer a regulatory sandbox for these innovators to develop the next generation of financial technology products and services in Wyoming." S.B. Being On May 1, 2017 Vermont amended its money transmitter law to allow companies to hold virtual currency as a permissible investment. 66-29-102. 1207, 100th Gen. Ann. Make recommendations to the Governor and the Legislature that will promote innovation and economic growth by reducing barriers to and expedite the expansion of the state's blockchain industry.". 2163, 65th Leg., 3d. Sess. DocNum=5553&GAID=14&DocTypeID=HB&SessionID=91&GA=100, http://dls.maryland.gov/pubs/prod/NoPblTabMtg/MdFinProtCmsn/2017-Interim-Report.pdf, http://www.dllr.state.md.us/finance/advisories/advisoryvirtual.pdf, https://www.mass.gov/decision/selected-opinion-18-003, http://www.michigan.gov/documents/treasury/Tax-Policy-November2015-Newsletter_504036_7.pdf, https://www.sos.mo.gov/cmsimages/securities/orders/AP-14-09.pdf, http://www.trustnodes.com/2017/06/13/us-state-montana-invests-directly-bitcoin-mining-operation, https://www.article78againstnydfs.com/raw.php, http://www.cleveland.com/business/index.ssf/2014/04/cleveland_heights_merchants_banking_on_bitcoin_boulevard_to_draw_global_spotlight.html, https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf, State Regulations on Virtual Currency and Blockchain Technologies. 146, Reg. (Vt. 2017). On May 2, 2018, the Washington Department of Financial Institutions proposed rules and amendments to the Uniform Money Services Act, which further incorporates virtual currency into the money transmission regulations. Sess. This bill also failed to pass. 339A.330(9) (West 2019). Sess. 284, 106th Leg., 1st Reg. Assemb., 439th Sess. https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf. Though no laws are currently in place in Illinois, the state's Department of Financial and Professional Regulation issued guidance regarding application of the state's Transmitters of Money Act to those dealing in virtual currencies. The bill places virtual currency exchange operators under the state's money transmitter rules and requires them to comply with the same licensing requirements as traditional money transmitters. Digital currency businesses with money transmitter licenses are required to hold a certain amount of permissible investments and this law makes it clear that virtual currency counts as a permissible investment. FinCEN has characterized sellers of decentralized virtual currencies in exchange for another virtual currency or fiat currency, among others, as "exchangers." Dep't of Banking, Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act (April 3, 2014). Sess. On January 3, 2019, the North Dakota House introduced H.B. 2702 was proposed to bring the providing of "a virtual currency that buyers are allowed or required to use to purchase products from the seller" into the definition of "marketplace facilitator." Assemb., Reg. S.B. These billstogether called the Financial Consumer Protection Act of 2018require the Commission to make recommendations for State actions to regulate cryptocurrencies in its 2018 report to the Governor and the General Assembly. (Haw. Dep't of Banking, Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act (April 3, 2014). Sess. H.B. That isnt liberty. (Vt. 2019). Gen. Ass. On February 4, 2019, Senate Bill 786 was introduced as the "Financial Consumer Protection Act of 2019." 269, 201718 Leg., Reg. The New York State Department of Financial Services established a comprehensive regulatory framework for virtual currency businesses called "BitLicense" that requires operations related to transactions involving any form of virtual currency to obtain a license from the state. The bill adopts a Financial Technology Sandbox Act. The office found under the facts presented that the Bitcoins provided to the Bitcoin ATM's customers not to constitute a foreign currency so as to require a foreign transmittal agency license. (Wyo. Ann. The Charities division enforces the laws regulating charitable organizations, paid solicitors, and solicitor agents. With that in mind, we look forward to hearing from you. (Vt. 2017). S.B. With respect to money transmission laws, "[g]enerally, the Uniform Regulation of Virtual-Currency Businesses Act requires persons engaged in certain business activity involving virtual currency to obtain a license from or register with the Department of Business and Industry." (Ky. 2019). Stat. "Digital token" is defined as a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable for goods or services, and capable of being traded or transferred between persons without an intermediary or custodian of value." Reg. 2352, 88th Leg., Reg. Pennsylvania's Money Transmission Business Law does not explicitly include "virtual currencies" or "monetary value." WebAmong other things, Sirer is known for having implemented the first currency that used proof of work to mint coins, for selfish mining, for characterizing the scale and Effective September 1, 2019, "digital currency" is added to the definition of funds for purposes of money laundering. South Carolina has proposed to add "virtual currency" to its unclaimed property act. 182, 2017 Gen. New Hampshire has amended its Money Transmitter statute (NH St. 399-G:3) to exempt "persons who engage in the business of selling or issuing payment instruments or stored value solely in the form of convertible virtual currency or receive convertible virtual currency for transactions to another location" from the state's money transmission regulation. On March 22, 2018, Governor Bill Haslam signed Tennessee S.B. Memo, Tx. Sess. Under the statute, the part (iii) requirement is only met if: (A) The developer or seller did not market the token as a financial investment; and. Sess. The term does not include closed-loop transactions. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. The Bill exempts "Utility Tokens" from the state's securities laws provided the issued token and its issuer meet the following requirements: (i) The developer or seller of the token, or the registered agent of the developer or seller, files a notice of intent with the secretary of state[;], (ii) The purpose of the token is for a consumptive purpose, which shall only be exchangeable for, or provided for the receipt of, goods, services or content, including rights of access to goods, services or content; and. See Kansas Office of the State Bank Commissioner, Guidance Document MT 2014-01, Regulatory Treatment of Virtual Currencies Under the Kansas Money Transmitter Act, (June 6, 2014), available at http://www.osbckansas.org/mt/guidance/mt2014_01_virtual_currency.pdf (last visited 7/16/2019). 822, 57th Leg., 1st Reg. Russia The State's tax code 54:32B-3.6 was also amended to virtual currency issuers as "marketplace facilitators.". By using this site you agree to our Legal Disclaimer and Online Privacy and Cookie Policy. (Ariz. 2017). See Jennifer Jensen, et al, Sales and Use Taxes in a Digital Economy, The Tax Adviser, (Jun. H.B. 548, 100th Gen. (Vt. 2016). 2019). The High Court of Hong Kong has declared crypto as property in a ruling on Tuesday that involves the now-defunct crypto exchange Gatecoin. S.B. H.B. In 2014, the State's Department of Banking and Securities ("DoBS") provided informal guidance that "virtual currencies like Bitcoin" are not "money" and therefore transmission of them does not require a license. Sess. 735 (NS) March 5, 2019. H. Res. 4142, 242nd Leg. (Ind. With respect to telecommunications and technology development, the Hawaiian House introduced a bill "to enter into a public-private partnership to plan, build, and manage key strategic broadband infrastructure that benefits the State, including a cable landing station in Kakaako, on the island of Oahu, and to encourage cloud-based companies to take advantage of this infrastructure." establishing that open blockchain tokens with specified consumptive characteristics are intangible personal property and not subject to a securities exemption; requiring developers and sellers of open blockchain tokens to file notices of intent and fees with the secretary of state; authorizing specified enforcement actions; making specified violations unlawful trade practices; repealing provisions granting open blockchain tokens a securities exemption. The Massachusetts Senate has also proposed a bill to "a special commission is hereby established for the purposes of making an investigation and study relative to the emerging technologies of blockchain and cryptocurrencies. (Nev. 2019). AB8783 was adopted in 2018, which creates a digital currency task force to determine the impact of cryptocurrencies on New York financial markets.

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