The US introduces a detailed definition of the digital currency
BitLicense defined cryptocurrency as a virtual currency, which can be any type of digital units used in the form of an exchange or other form having a digitally stored value. BitLicence, the Regulations of New York, on cryptocurrency. The update assumes a total lack of acceptance for cryptocurrency, but ... . i.e. fines- Bitcoin payment will be accepted.
Cryptocurrency is not a concept that applies to entities engaged exclusively in online games platforms . There is also a digital units (NOT INVESTED) market or application outside gaming platforms . Cryptocurrency is not a unit in the digital version, which can not be converted or purchased in the form of fiat. Token-
digital unit also will not be conider as a Cryptocurrency , which can not be exchanged for goods, services, discounts or shopping in the real world.
Each digital unit, which also has a value in the real world (excluding prepaid cards and exceptions mentioned above) will be considered as a Cryptocurrency
Cryptocurrency economic activity (business activity) involves receiving virtual currency in order to transfer, with the exception of situations where the transaction is carried out in non-financial purposes and does not involve the transfer of more than a nominal amount of virtual currency.
Storing or maintaining the "custody" or control of virtual currency on behalf of others, also is an activity kryptowalutową. The situation is similar in the case of transactions for the purchase / sale cryptocurrency. The whole range of crypto activities perception concluded in a BitLicense. By law, California ( CA ) is a virtual currency, each unit constituting the digital medium of exchange.
Cryptocurrency is not a legitimate means of trade and is not supported by the Government of the United States. Its storage by the registrant on behalf of a client is not protected FDICP. Digital currency transactions stored by the registrant on behalf of a client may be irreversible, losses due to fraudulent or accidental transactions may not be recoverable. The law providing for cryptocurrency is still developing, and therefore the court can conclude that the situation is the same as in the case of the US dollar.
The value of digital currency held by the registrant on behalf of a client may change more quickly and more unexpectedly than the currencies of the government, such as the US dollar. The final value may be zero level. Technological difficulties are able to prevent operator access to the assets.
California Law is quite specific in terms of definitional relating to the cryptocurrency activities. According to CA AB 1326 this activity is to maintain custody or control of virtual currency on behalf of others. " Changes in legal regulations of the United States coincide with the bursting bubble and weakening altcoins courses. Cryptocurrency restrictions on transactions in the United States bring legal clarification of concepts that should be included in any legal dictionary. They are the basis for the development of legislation aimed crypto.
For a change in Kansas cryptocurrency has no legal value. Washington recognizes that digital currencies are subject to the same law as financial services. This means that each company supports cryptocurrency is regulated in the same way as a typical business service providers. In the proposed legalization of Tennessee, which allows Bitcoin contribution to political campaigns. New Hampshire is considering the issues of taxes and fees, and appropriate plan. New York plans to allow residents to use Bitcoin to pay fines, fees, penalties and other liabilities to the state.
spybit