De Illinois Department of Financial and Professional Reglement is een document waarin het zijn interpretatie van de manier waarop de Illinois’ Zenders of Money wet geldt voor cryptocurrencies uitgegeven. The Illinois Department of Financial and Professional Regulation declined to accept cryptocurrency as money and determined that most cryptocurrency transactions fall outside of the purview of the Illinois’ Transmitters of Money Act unless they involve a third-party intermediary. But, the Illinois Department of Financial and Professional Regulation explicitly states that decentralized cryptocurrencies do not fall under the regulatory category of money as they lack intrinsic cost, have not been followed as authorities currency, and aren’t convertible by regulation.
Het rapport stelde:
“Although cryptocurrencies are a digital representation of value this is used as a medium of exchange, store of value, they’re not taken into consideration money for the purposes of the Illinois’ Transmitters of Money Act as cryptocurrencies have not been legal or adopted by authorities as part of its currency.”
The Illinois Department of Financial and Professional Regulation stated:
“Decentralized cryptocurrency can be taken into consideration a new asset class this is neither currency nor commodity.”
That doesn’t suggest cryptocurrencies are free from law in Illinois. Cryptocurrency might also fall issue to the Illinois’ Transmitters of Money Act regulatory and licensure necessities after they become involved in a transaction, which involves what the Illinois’ Transmitters of Money Act classifies as cash. But, should transmission of cryptocurrencies contain money in a transaction, that transaction can be considered money transmission relying on how the transaction is organized. Any individual or entity accomplishing a transaction concerning both cryptocurrencies and money need to request a determination from the Illinois Department of Financial and Professional Regulation on whether or not such activity would require a the Illinois’ Transmitters of Money Act license.
In line with these suggestions, the department lists the exchanges, in which cryptocurrency and cash is transmitted via a third-party escrow provider and Exchanges via Bitcoin ATMs as money transmission and therefore issue to the Illinois’ Transmitters of Money Act regulation and licensure. Echter, cryptocurrency transactions fall issue to the Illinois’ Transmitters of Money Act regulation when a third party allows the financial transaction between the customer and dealer. Organizations taking part within the business of cash transmission need to comply with the Illinois’ Transmitters of Money Act net worth requirements. According to this regulation, a commercial enterprise with a single location ought to have a net worth of at least $35000.
The suggestions additionally explicitly nation that the subsequent financial activities do not qualify as money transmission and aren’t subject to the Illinois’ Transmitters of Money Act regulation and licensure:
- The transfer of cryptocurrency, such as the trade of one cryptocurrency for another
- The direct buy or sale of cryptocurrency for money among two parties; this includes exchanges via Bitcoin ATMs and automated machines
- The payment of cryptocurrency for items or offerings
- Third party cryptocurrency payment processing
- Cryptocurrency mining
- Multi-signature transactions
- block Chain 2.0 activities, such as transmitting coloured coins executing and smart contracts
Globaal genomen, the Illinois Department of Financial and Professional Regulation recommends people and organizations are looking for a licensure determination earlier than taking part in a transaction, which involves each money and cryptocurrency.