Massachusetts Blockchain Legislation Status

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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:

See More Information on Blockchain

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.