HB356 (2015) Detail

Exempting persons using private virtual currencies for internet commerce from the licensing requirements for money transmitters.


HB 356 - AS INTRODUCED

2015 SESSION

15-0731

08/03

HOUSE BILL 356

AN ACT exempting persons using private virtual currencies for internet commerce from the licensing requirements for money transmitters.

SPONSORS: Rep. Tamburello, Rock 5; Rep. Hoell, Merr 23; Rep. Jones, Straf 24

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill exempts persons using private virtual currencies for internet commerce from the licensing requirements for money transmitters.

This bill also defines virtual currency.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15-0731

08/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fifteen

AN ACT exempting persons using private virtual currencies for internet commerce from the licensing requirements for money transmitters.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Virtual Currency; Exempt from Licensing of Money Transmitters. Amend RSA 399-G:4, VII to read as follows:

VII. The transfer of funds via virtual currency.

(a) For the purposes of this section, “virtual currency” means any type of digital unit that is used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology. Virtual currency shall be broadly construed to include digital units of exchange that:

(1) Have a centralized repository or administrator;

(2) Are decentralized and have no centralized repository or administrator; or

(3) May be created or obtained by computing or manufacturing effort.

(b) Virtual currency shall not be construed to include digital units that are used solely within online gaming platforms with no market or application outside of those gaming platforms, nor shall virtual currency be construed to include digital units that are used exclusively as part of a customer affinity or rewards program, and can be applied solely as payment for purchases with the issuer or other designated merchants, but cannot be converted into, or redeemed for, fiat currency.

VIII. Other persons not within the intent of this chapter as the commissioner may designate by rule or order.

2 Effective Date. This act shall take effect upon its passage.

Links

HB356 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

HB356 Revision: 27819 Date: March 27, 2015, midnight

Docket