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Thursday, December 18, 2014

State Bank Regulators Propose Model Regs on Virtual Currency

The Emerging Payments Task Force of the Conference of State Bank Supervisors announced its draft framework for model state-level regulation of virtual currencies such as bitcoin. The task force said its goal was to ensure that consumers are protected when using virtual currencies, that markets remain stable and that transactions are transparent to law enforcement.

The framework seeks to employ a “technology-neutral” approach based on licensing and monitoring activities one party performs on behalf of another that are already covered under state laws. These include money transmitting, exchanges and third-party services that facilitate these functions. The group said:

While state approaches to effecting regulation of virtual currency activities may differ, CSBS and its members recognize the value of consistency and clarity for regulators and regulated entities alike. CSBS and its members are committed to supporting state efforts at consistent and uniform regulation including through model regulatory requirements and the drafting of uniform regulatory and/or statutory provisions.

Comments are due by Feb. 16, 2015.

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