An Act relative to preventing fraud and establishing regulations on certain virtual currencies
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to address fraud and establish regulations surrounding virtual currencies in Massachusetts. It seeks to create a framework for overseeing these currencies, protecting consumers, and preventing illicit activities. The legislation intends to provide clarity and safeguards within the evolving virtual currency landscape. It will likely involve establishing rules and guidelines for virtual currency businesses and transactions operating within the state.
Key provisions
- Establish regulations for virtual currency businesses operating in Massachusetts.
- Address fraud and scams related to virtual currencies.
- Provide consumer protections within the virtual currency market.
- Require virtual currency businesses to register with the state.
- Define the scope of virtual currencies covered by the legislation.
- Create a process for investigating and addressing fraudulent activities.
- Potentially establish licensing requirements for virtual currency service providers.
Who is affected
- Virtual currency businesses
- Consumers using virtual currencies
- Financial institutions
- The State of Massachusetts
- Investors in virtual currencies
Notable changes
- The bill introduces a regulatory framework for virtual currencies, which currently lacks specific state-level oversight.
Bill text
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Sponsors
Official sponsors from legislative records.
31 on record
Primary sponsor
Cosponsors
Bradley H. Jones Jr.
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