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State Bank Regulators Finalize Model Regs on Virtual Currency

Posted on 9/15/2015

The Conference of State Bank Supervisors on Tuesday finalized its new 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 or store virtual currencies.

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