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 will likely involve defining virtual currencies, establishing licensing requirements for businesses dealing with them, and outlining measures to combat fraud related to virtual currency transactions.
Key provisions
- Defines ‘virtual currency’ for regulatory purposes.
- Requires businesses involved in virtual currency transactions to obtain licenses.
- Establishes rules for consumer protection related to virtual currency investments.
- Creates a process for reporting and investigating fraud involving virtual currencies.
- Addresses money laundering and other illicit activities associated with virtual currencies.
- Requires virtual currency businesses to maintain certain records and provide transparency.
- Authorizes the state to investigate and take action against fraudulent activities.
- Creates a task force to study and recommend further regulations.
Who is affected
- Virtual currency businesses and exchanges
- Consumers who use virtual currencies
- Financial institutions
- The State of Massachusetts
- Investors in virtual currencies
Notable changes
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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