Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Illinois Department of Financial and Professional Regulation releases digital currency guidance

The Illinois Department of Financial and Professional Regulation has published a guidance that outlines its policy with regard to digital currencies such as bitcoin.

Importantly, the guidance expresses the department's interpretation of Illinois’ Transmitters of Money Act (TOMA) and its application to various activities involving digital currencies. It lists the activities that qualify as money transmission as well as activities that don’t.

“A person or entity engaged in the transmission of solely digital currencies, as defined, would not be required to obtain a TOMA license. However, should transmission of digital currencies involve money in a transaction, that transaction may be considered money transmission depending on how the transaction is organized. Any person or entity engaging in a transaction involving both digital currencies and money should request a determination from the Department on whether or not such activity will require a TOMA license”, according to the guidance.

Furthermore, the department approved the use of cryptocurrencies as “permissible investments”, noting that digital currency companies have to bear extra burden due to capital requirements denominated in fiat currencies.

"The Department understands dollar-denominated capital reserve requirements impose added burdens on digital currency companies and therefore will consider digital currency reserves as a form of permissible investment”, it added.

Also, digital currency entities that act only as a payment processor that accepts and transfers payments in connection with facilitating a purchase via an agreement with the seller of goods or services, are not required to obtain a money license transmitters with the department.

The complete report can be found here.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

January 19 15:30 UTC Released

USECRI Weekly Annualized

Actual

4.5 %

Forecast

Previous

3.3 %

January 19 15:30 UTC Released

USECRI Weekly Index

Actual

150.3 %

Forecast

Previous

147.6 %

January 21 02:00 UTC 14931493m

PHGDP YY

Actual

Forecast

Previous

6.9 0

January 21 02:00 UTC 14931493m

PHGDP QQ

Actual

Forecast

Previous

1.3 0

January 21 21:00 UTC 26332633m

KRPPI Growth YY

Actual

Forecast

Previous

3.1 %

January 21 21:00 UTC 26332633m

KRPPI Growth

Actual

Forecast

Previous

-0.1 %

January 21 23:00 UTC 27532753m

JPReuters Tankan DI

Actual

Forecast

Previous

27 k

January 22 07:00 UTC 32333233m

NOIndus Confidence

Actual

Forecast

Previous

2 0

January 22 08:00 UTC 32933293m

TWJobless Rate

Actual

Forecast

Previous

3.69 0

January 22 08:00 UTC 32933293m

TWExport Orders YY

Actual

Forecast

Previous

11.6 0

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.