Minnesota Blockchain Legislation Status

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 announcedthat 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).

Minnesota Cryptocurrency and Blockchain Attorneys

Is cryptocurrency legal in Minnesota? 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.