MONTPELIER, Vt.—Digital currencies will be included in Vermont’s new money transmitter law.
The bill, H 182, was passed by the state’s House and Senate and signed March 4. It added to the state`s money transmission law by defining “virtual currency,” FT Reporter explained.
“Virtual currency is stored value that: (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency,” the bill explained.
“The new law made clear that digital currencies are now an investment. Still, this is only to the extent of outstanding transmission obligations received by the licensee in identical denomination of virtual currency,” FT Reporter explained.