New Mexico Blockchain Legislation Status

New Mexico Cryptocurrency Updated Laws

Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

 

PROPOSED LAWS & REGULATIONS ENACTED LAWS & REGULATIONS LAWS & REGULATIONS NOT PASSED
The State’s Money Transmitter Act does not explicitly include the concept of “virtual currencies” but the State’s Regulation and Licensing Department has issued guidance that those that exchange “virtual currency or money or any other form of monetary value or stored value” must be licensed by the FID as a money transmitter.

http://www.rld.state.nm.us/financialinstitutions/faq-s.aspx

In April 2014, New Mexico Securities Division and New Mexico Financial Institutions Division issued an alert about risks associated with trading and investing in virtual currencies.

http://www.rld.state.nm.us/uploads/PressRelease/28b4bcdf4f8d46899c723b2b76f16b5b/Virtual_Currency_Warning.pdf

   
H.B 649 entitled “Internet Business Development & Innovations”, introduced by the New Mexico House in February 2019, would have required the acquisition of a money transmission license prior to engaging in business as a cryptovalue creator or cryptovalue exchange.

The H.B. 649 bill has been postponed indefinitely. Thus, it’s still unclear whether a money transmission license is required for cryptocurrency.

H.B. 649, 54th Leg. Sess., 1st Sess (N.M. 2019).

https://www.nmlegis.gov/Sessions/19%20Regular/bills/house/HB0649.pdf

S.B. 113, introduced by the New Mexico Senate in January 2020, would have created a state Blockchain Technology Task Force (duties and reporting).

The H.B. 113 bill has been postponed indefinitely. Thus, it’s still unclear whether a money transmission license is required for cryptocurrency.

S.B. 113, 54th Leg. Sess., 2nd Sess. (N.M. 2020).

https://www.nmlegis.gov/Sessions/20%20Regular/bills/senate/SB0113.pdf

   
S.M.J. 9 The New Mexico Senate also sought to pass a joint memorial that requests the New Mexico Secretary of Information Technology convene a blockchain technology task force.

This joint memorial was postponed indefinitely.

S.J.M. 9, 54th Leg. Sess., 2nd Sess. (N.M. 2020).

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=JM&legNo=9&year=20

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New Mexico Cryptocurrency and Blockchain Attorneys

Is cryptocurrency legal in New Mexico? 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 us to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.