Minnesota Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
|Minnesota||The State’s Money Transmitter laws do not explicitly include “virtual currencies” or “monetary value” and the Minnesota Commerce Department has not published guidance on virtual currency regulations.
In May 2018, the Minnesota Commerce Department announced that it would be participating in a crackdown on fraudulent initial coin offerings and cryptocurrency scams which is coordinated by the North American Securities Administrators Association (NASAA), which represents state and local securities regulators.
|The House introduced legislation that prohibits an individual, political committee, political fund, principal campaign committee, or party unit from soliciting or accepting a “contribution or donation of any digital unit of exchange.” H.F. 2884, 91st Leg., 1st Reg. Sess. (Minn. 2019). The House also introduced H.F. 4571 which includes cryptocurrency in the definition of “money” that may be seized and recovered by state government agencies H.F. 4571, 2nd Reg. Sess., 91st Lg. Sess. (Minn. 2019).
HF 1030 amends law and appropriating money to include cryptocurrency in the definition of money for courts, Guardian Ad Litem Board, Uniform Laws Commission, Board on Judicial Standards, Board of Public Defense, and human rights; modifies criminal, civil, data practices, and forfeiture law.
HF 1078 also amends and modifies the following to include cryptocurrency in the definition of money; Law related to public safety, law enforcement, adult and juvenile corrections, community supervision, rehabilitation, criminal sexual conduct, crime, sentencing, community safety, crime victims, child protection background checks, emergency response, fire safety, civil law, data practices, human rights, and forfeiture law; provides for task forces and working groups; provides for rulemaking; provides for criminal penalties; requires reports.
|HB 1608, would have amended the Minnesota Unclaimed Property Act to explicitly include virtual currency as property. Died in committee February 2017.
In March of 2019, the Minnesota legislature introduced H.F. 2208, which builds “virtual currency” into the definitions of the state’s “unclaimed property” laws. While the most recent version of the bill no longer includes this provision, another House File includes virtual currency in the definition of property. H.F. 2538, 91st Leg., 1st Reg. Sess. (Minn. 2019).
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
Minnesota Cryptocurrency and Blockchain Attorneys
Is cryptocurrency legal in Minnesota? 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.