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Uniform Law Commission to discuss digital currency rules in July

The Uniform Law Commission (ULC) is going to discuss a number of issues relating to digital currency regulations at its annual meeting next month, CoinDesk reported.

Established in 1892, ULC is a state-supported organization that provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. Its 2017 Annual Meeting will be held from July 14-20, 2017 in San Diego, California.

The issues to be discussed have been listed in a memo. These include the definition of “permissible investments” as the primary means of consumer protection in “money transmission” statutes and the definition of the term ‘bank’.

The ULC has also published the draft proposal on “Uniform Regulation of Virtual Currency Businesses Act”. The act aims to

“[C]reate a statutory structure for regulating the “virtual currency business activity” of person offering services or products to residents of enacting states.

“In particular, the act would require licensure of and impose prudential regulations and customer protection requirements on businesses whose products and services include

(1) the exchange of virtual currencies for cash, bank deposits, or other virtual currencies;

(2) the transfer from one customer to another person of virtual currencies; or

(3) certain custodial or fiduciary services in which the property or assets under the custodian’s control or under management include property or assets recognized as “virtual currency.”"


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