Cryptocurrency regulations proposed in Vermont

posted about 1 year ago
A state legislator in Vermont has proposed a bill to create a new regulatory framework for the use of blockchain technology.

In addition to mandating several reports on cryptocurrencies and blockchain, it notably outlines how the state could classify certain firms as "digital currency limited liability companies," particularly those that operate their own networks.

Those companies would, if the bill is approved, be required to pay "in the form of its digital currency a transaction tax equivalent to $0.01" whenever a new unit of cryptocurrency is created, traded or transferred.

"A digital currency limited liability company is exempt from taxes otherwise applicable" reads the bill.

The new bill also calls for a "Fintech Summit," which would bring together state and industry stakeholders to discuss how Vermont can promote the tech's wider use. The state would devote $25,000 to help fund the event, under the auspices of the Agency of Commerce and Community Development.
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