US: Vermont Adopts Law Enabling Money Transmitters to Hold Digital Currencies

On May 4, 2017 the governor of Vermont signed and passed into law House Bill 182 on amending and establishing laws pertaining to consumer litigation funding companies, licensed lenders, money servicers, debt adjusters and loan servicers.

According to the law, money transmitters are now allowed to hold digital currencies, but with the caveat that this can be done "only to the extent of outstanding transmission obligations received by the licensee in identical denomination of virtual currency".

Pursuant to the Article § 2500(22) ,“virtual currency” means stored value that:

"(A) can be a medium of exchange, a unit of account, or a store of value;

To continue reading

Contact Us