Nebraska Blockchain Legislation Status
Nebraska Blockchain Legislation Status
Nebraska Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Proposed Laws & Regulations
A resolution introduced in May 2019 would create an interim study to examine the need to update the insurance laws in response to technology advancement and innovation and the study would review the interaction of insurance regulation and blockchain. L.R. 164, 106th Leg., 1st Reg. Sess. (Neb. 2019).
Enacted Laws & Regulations
The State’s Money Transmitter laws do not explicitly include “virtual currencies,” but does include the concept of “monetary value” as a medium of exchange. The State requires a license for the transmission of monetary value, but the Nebraska Department of Banking and Finance has not published guidance as to its applicability on virtual currencies.
Nebraska introduced L.B. 284, which qualifies persons who provide “a virtual currency that buyers are allowed or required to use to purchase products from the seller” as a “marketplace facilitator. This proposal would affect the collection and remittance of sales tax. It was approved by the governor in March 2019. L.B. 284, 106th Leg., 1st Reg. Sess. (Neb. 2019).
LB 648 adopts the Transactions in Digital Assets Act.
LB 649 adopts the Nebraska Financial Innovation Act.
Nebraska introduced L.B. 284, which qualifies persons who provide “a virtual currency that buyers are allowed or required to use to purchase products from the seller” as a “marketplace facilitator. This proposal would affect the collection and remittance of sales tax. It was approved by the governor in March 2019. L.B. 284, 106th Leg., 1st Reg. Sess. (Neb. 2019).
LB 648 adopts the Transactions in Digital Assets Act.
LB 649 adopts the Nebraska Financial Innovation Act.
LR 164The purpose of this interim study is to examine the need to update the insurance laws of Nebraska in response to technology advancement and innovation, also known as insurtech, in the insurance industry. The interim study shall include, but not be limited to, a review of the interaction of insurance regulation and artificial intelligence, blockchain, autonomous vehicles, and the Internet of things. In order to carry out the purposes of this interim study, the committee should seek the assistance of the Department of Insurance and should consider the input of interested parties, as the committee deems necessary and appropriate.
LB 987 failed to pass in April of 2018. The bill would have adopted the Uniform Regulation of Virtual Currency Businesses Act.
Laws & Regulations Not Passed
In the same session, LB 691 also failed to pass. 691 would have adopted the Nebraska Virtual Currency Money Laundering Act and amended the Nebraska Money Transmitters Act by defining “monetary value” as “a medium of exchange, regardless of whether redeemable in money, and includes media that are in electronic of digital format, including distributed ledger technology.”
Is cryptocurrency legal in Nebraska?
Do you have Cryptocurrency or Blockchain Issues or questions?
Freeman Law is dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Contact us to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.
