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Rhode Island Authorities will Begin to Regulate Cryptocurrencies in 2020

Rhode Island Authorities will Begin to Regulate Cryptocurrencies in 2020

The law on transactions with cryptocurrencies will come into force in the state of Rhode Island, from January 1, 2020. Licensing of organizations that work with digital coins is connected with the fight against money laundering.

Firms must also demonstrate an operational ability to “protect the confidentiality, integrity, and availability of any non-public personal information or currency transmission it receives, maintains, or transmits.”

Digital coins that cannot be exchanged for fiat money do not fall under this law, as well as those tokens that are exclusively internal currency in a certain blockchain.

In the bill, cryptocurrencies are defined as “a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and is not legal tender, whether or not denominated in legal tender.”