Michigan Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Proposed Laws & Regulations
The State’s Money Transmitter act does not explicitly include the concept of “virtual currencies,” however it does include the undefined concept of “monetary value.” The State has not issued further guidance on the matter. In 2015, the Michigan department of treasury issued a treasury update including guidance defining virtual currency and how sales tax is applied when virtual currency is used.
Enacted Laws & Regulations
In 2018, Michigan introduced three bills; HB 6253, HB 6254, and HB 6258. The bills add cryptocurrency into definitions for embezzlement, money laundering, and credit fraud respectively. On December 20, 2019 Governor Whitmer signed House Bills 4102-4107 into law. 4102-4107 amended various sections of the Michigan Penal Code to add direct and indirect references to cryptocurrency and distributed ledger technology.
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
Is cryptocurrency legal in Michigan? 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.
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.