Missouri Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Proposed Laws & Regulations
In February of 2019, the Missouri House introduced H.B. 1159 which classifies “digital assets” and would establish general regulations for financial institutions providing services involving digital assets.
In May of 2019, representative McDaniel introduced H.B. 1247 to the 100th General Assembly which proposed to amend Section A of Chapter 1, RSMo by adding a new section addressing that “the state and every political subdivision thereof shall accept virtual currency as legal tender.” The bill is currently not on a House calendar and a hearing is not scheduled.
In March 2019, the Missouri House introduced H.B. 1247, which “requires the state and political subdivisions thereof to accept virtual currency as legal tender.” H.B. 1247, 100th Gen. Assemb., 1st Reg. Sess. (Mo. 2019).
Enacted Laws & Regulations
House Bill 1277 modifies the offense of money laundering to include virtual currency.
This bill relates to certificate tokens, which are defined as a representation of shares that are stored in an electronic format and contains information entered into a blockchain or other secure, auditable database, linked to or associated with the certificate token, and able to be transmitted electronically to the issuing corporation, the person to whom the certificate token was issued, and any transferee. The bill requires each certificate to state on its face the name of the person to whom it is issued. Each certificate token must state the data address to which the token was issued. This bill allows the articles of incorporation or bylaws of a corporation to specify that all or a portion of the shares of the corporation may be represented by share certificates in the form of certificate tokens. The electronic message, command, or transaction that transmits the certificate tokens to the data address to which a certificate token was issued shall be authorized at the time of issuance by the network signatures of two officers. For the purposes of Chapter 351, RSMo, regarding General and Business Corporations, any reference to share certificate, share, stock or share of stock shall be construed to include a certificate token. Any reference to a requirement to print information on a share certificate shall be construed to be satisfied if the information satisfies the requirements under this bill. Any reference to certificated shares or words of similar import shall be construed to include shares represented by certificate tokens, and any reference to the delivery or deposit of these shares to the corporation shall be construed to refer to any method of granting control of the tokens to the corporation. Any reference to a certificate being duly endorsed shall be construed to mean that the transaction authorizing the transfer of control of the certificate token was signed by the lawful holder of the token with the network signature corresponding to the lawful holder’s data address.
Laws & Regulations Not Passed
A bill filed in the Missouri House of Representatives would make it illegal to use blockchain to store firearm owner data in the state. See H.R. 1256, 99th Gen. Assemb., 2d Reg. Sess. (Mo. 2017). However, the bill died in March 2018.
House Bill 379 failed to pass in 2017 and has not been rescheduled. It would have regulated fiduciary management of digital property, which was broadened to include digital currency. The Senate version of the bill, SB 129, also failed to pass during the 2017 session.
Is cryptocurrency legal in Missouri?
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