Rhode Island Digital Currency Regulations
Regulation of Rhode Island Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
|PROPOSED LAWS & REGULATIONS||ENACTED LAWS & REGULATIONS||LAWS & REGULATIONS NOT PASSED|
With respect to blockchain technology, the House introduced H.B. 5595 bill that exempts a developer or seller of an open blockchain token from the provisions of the Rhode Island Uniform Securities Act.”
Status: Referred to Finance Committee
H.B. 5595, 2019 Gen. Assemb., Leg. Sess. (R.I 2019).
In 2019, The House of Representatives introduced the H.B. 5596 Bill which aims to exempt virtual currency from property taxation.
H.B. 5596, 2019 Gen. Assemb., Leg. Sess. (R.I 2019).
In 2019, the Rhode Island House proposed a bill that would: (i) establish the “Digital Asset Business Act”, (ii) regulate virtual currency; (iii) exempt virtual currency from securities requirements and taxation.
The bill died in committee.
2019 RI H.B. 5776 (NS) February 28, 2019.
The Rhode Island Senate has also introduced the “Rhode Island Economic Growth Blockchain Act,” which if adopted would offer a comprehensive regulatory sandbox for blockchain technology by, in part, establishing a blockchain banking system in the state.
Status: Referred to Commerce committee.
S.B. 2777, 2020 Gen. Assemb. Leg. Sess. (R.I. 2020).
In 2019, the H.B. 5278 was adopted with respect to the collection of sales and use tax, stating that a person is a marketplace facilitator if that person provides: “a virtual currency that buyers are allowed or required to use to purchase products from the seller.”
H.B. 5278, 2019 Gen. Assemb., Leg. Sess. (R.I 2019).
In 2020, the H.B. 7989 (same topic as S.B. .
Status: Referred to the Corporations Committee
H.B. 7989, 2020 Gen. Assemb. Leg. Sess. (R.I. 2020).
A bill adopted on July 15, 2019, adds virtual currency to the existing electronic money transmission and sale of check licenses and would add additionally regulatory provisions to simplify and clarify related licensing
H.B. 5847, 2019 Gen. Assemb., Leg. Sess. (R.I 2019).
In 2021, the Rhode Island House Bill 5425 was introduced. The bill would establish an economic growth blockchain act, sets regulations for the sale of hemp, regulates virtual and digital assets, and establishes depository banks for these purposes.
H.B. 5425, 2021 Gen. Assemb. Leg. Sess. (R.I. 2021).