New Hampshire passes legislation deregulating "virtual currency"

New Hampshire, the libertarian-leaning state in America’s Northeast today Wednesday, March 8th passed legislation to deregulate cryptocurrencies. Introduced back in January, House Bill 436 exempts virtual currencies from all state regulation.

The bill passed with amendments in the New Hampshire statehouse 185 to 170.

Starting off by defining virtual currency, the full text of the bill can be read below:

Bill Title: exempting persons using virtual currency from registering as money transmitters.

Be it enacted by the Senate and House of Representatives in General Court convened:

1. Money Transmission; Virtual Currency. Amend RSA 399-G:1, XVI(b) to read as follows:
(b) Receiving currency or monetary value for transmission to another location, including maintaining control of virtual currency on behalf of others.
2. New Paragraph; Virtual Currency; Definition. Amend RSA 399-G:1 by inserting after paragraph XXVI the following new paragraph:
XXVII. “Virtual currency” means a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.
3. Money Transmitters; Licenses; Exemptions. Amend RSA 399-G:3, VII to read as follows:
VII. Persons conducting business using transactions conducted in whole or in part in virtual currency.
VIII. Other persons not within the intent of this chapter as the commissioner may designate by rule or order.
4. Effective Date. This act shall take effect 60 days after its passage.

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