Uniform Regulation of Virtual Currency Businesses Act Approved

Uniform Regulation of Virtual Currency Businesses Act Approved

The Uniform Law Commission (ULC) approved six new acts, including a new act regulating virtual currency businesses during their 126th Annual Meeting in San Diego, California.

The Uniform Regulation of Virtual Currency Businesses Act creates a statutory framework for regulating virtual currency business activity, which includes businesses engaged in the exchange of virtual currencies for cash, bank deposits, or other virtual currencies; the transfers of virtual currency between customers; and certain custodial or fiduciary services.  The act includes provisions on licensing requirements; reciprocity; consumer protection; cybersecurity; anti-money laundering; and supervision of licensees.

The 2017 Approved ULC minutes include the following draft [embeddoc url=”http://www.uniformlaws.org/shared/docs/regulation%20of%20virtual%20currencies/2017AM_URVCBA_AsApproved.pdf” download=”all” viewer=”google”]