ULC

Legislative Fact Sheet - Regulation of Virtual-Currency Businesses Act

Act Regulation of Virtual-Currency Businesses Act
Origin Completed by the Uniform Law Commission in 2017
Description The Uniform Regulation of Virtual-Currency Businesses Act (URVCBA) provides a statutory framework for the regulation of companies engaging in “virtual-currency business activity”. Virtual-currency business activity means exchanging, transferring, or storing virtual currency; holding electronic precious metals or certificates of electronic precious metals; or exchanging digital representations of value within online games for virtual currency or legal tender. The URVCBA’s unique, three-tiered structure clarifies whether an individual or company engaging in virtual currency business activity is (1) exempt from the act; (2) must register; or (3) must obtain a license. The URVCBA also contains numerous consumer protections.
Endorsements
Enactments
2018 Introductions Hawaii, Nebraska
Staff Liaison(s) Katie Robinson, Kaitlin Wolff