Marco Santori of Pillsbury Winthrop is a FinTech attorney for companies using digital currencies and blockchain technology.
He is also the chairman of the Bitcoin Foundation’s Regulatory Affairs Committee and author of CoinDesk’s series on bitcoin law (find parts 1 , 2 and 3 here) . Not a single month passed in 2015 without some groundbreaking new development in the world of digital currency regulation. I’ll count down some of the ones that have been most influential on my own practice. 10. New Jersey: The Digital Currency Jobs Creation Act
In June, the New Jersey Digital Currency Jobs Creation Act was introduced into the New Jersey Legislature. 2015 brought us the beginnings of several new state initiatives, but this bill is the first to offer both carrots and sticks to digital currency businesses.
The sticks are modest: Instead of applying for a license, a digital currency business need only register with the state. The Carrots are meaty: significant tax breaks and fast-tracked operational incentives. (In full disclosure, I was honored to be chosen to draft the text of the Act).
As of this writing, the legislation is still being considered in the state. 9. Hong Kong: No Need for Bitcoin Regulation
Hong Kong In March, the Hong Kong government laid to rest some concerns that the jurisdiction would crack down on digital currencies, when it released official guidance stating that bitcoins "do not pose a significant threat to the financial system".
Thus, the Secretary for Financial Services and the Treasury concluded "there is no need to introduce legislation to regulate virtual commodities trading or to prohibit people from participating in such activities".
Hong Kong is a local hub of digital currency activity, and this affirmative statement provides much-needed certainty to the businesses operating there. 8. CFTC: Bitcoins are Commodities Since 2013, we’ve […]
