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LEGAL TIP OF THE WEEK

AN UPDATE ON CRYPTO-CURRENCY

Bitcoin has made headlines across the world lately, and some of the issues have prompted the need to take a closer look at how cyber funds are regulated. Many states have money transmitter laws, but they are not uniform across the country. But there are also federal rules and regulations and having two sets of laws can be confusing to businesses. In order to avoid this confusion, certain types of businesses are exempt from certain requirements. To engage in business transactions with virtual currency, a license must be obtained, and the business is required to provide certain information. Certain net worth and security requirements must be met, and recordkeeping standards must also be followed. When done properly, transacting business with virtual dollars can benefit both the consumer and the business.

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