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Idaho Cryptocurrency Laws

Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

SB 1303: Effective as of 7/1/2016.

Key Impact: Regulates fiduciary management of digital assets, including digital currency.

Illinois SB 1464: Approved by Governor on 8/23/2019; effective as of 1/1/2020.

Key Impact: Would define“virtual currency” as a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States.

Blockchain Information & Resources:

See More Information on Blockchain

Digital Currency

Virtual and cryptocurrencies are built on blockchain technology—a technological innovation that allows for a distributed, decentralized digital ledger generally built upon cryptographic mechanisms and complex consensus protocols. From a legal perspective, many of the tax, regulatory, and other legal issues associated with blockchain technology and cryptocurrency require understanding this underlying technology.

Cryptocurrencies involve unique tax considerations. Businesses and individuals need up-to-date guidance and insight regarding the tax law and its impact on virtual currency activities at the state, federal, and international levels. Freeman Law is positioned to advise clients on the latest cryptocurrency tax strategies and thinking.

Have Cryptocurrency or Blockchain issues or questions?

Freeman Law is an innovative thought leader in the blockchain and cryptocurrency space. Blockchain and virtual currency activities take place in a rapidly evolving regulatory landscape.

We are 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.