Massachusetts Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Proposed Laws & Regulations
Massachusetts’ regulations on money servicers do not presently mention virtual currencies. Likewise, the state has yet to publish guidance on whether such servicers require various licenses
Enacted Laws & Regulations
Bill H.126 establishes a special commission (including members of the General Court) on blockchain and cryptocurrency.
“Selected Opinion 14-004”, one of the earliest legislative mentions of bitcoin in Massachusetts, states that bitcoin ATMs/kiosks would not be considered part of a branch network and that cryptocurrency currently remains exempt from foreign currency transmission regulations.
In January 2019, the Massachusetts Senate introduced S.B. 1762, which is “An Act related to the marketplace collection of sales tax.” Accordingly, if a person or business provides “a virtual currency that buyers are allowed or required to use to purchase products from the vendor,” then they can qualify as a “marketplace facilitator” for sales tax purposes. S.B. 1762, 191st Gen Ct. (Mass. 2019). An act making appropriations for the fiscal year 2020 includes a remote nexus sales and use tax provision, including marketplace facilitators who permit sales via virtual currency that buyers are allowed or required to use to purchase products from the seller.
Blockchain Information & Resources:
- Anti-Collusion | What Is Obfuscation?
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Blockchain Technology Explained: What is Blockchain and How Does It Work?
- Digital Currency Transmission Laws and Regulations by State
- Hard and Soft Forks: A Detailed and Simplified Explanation of How Blockchains Evolved
- Legal Issues around Cryptocurrency
- Merkle Trees
- Permissioned and Permissionless Blockchains
Massachusetts Cryptocurrency and Blockchain Attorneys
Is cryptocurrency legal in Massachusetts? Do you 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.
Freeman Law is dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Contact Freeman Law to Schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.