The Illinois Department of Financial and Professional Regulation (IDFPR) has recently released its Digital Currency Regulatory Guidance proposal for public comment.
According to DCE Brief, the guidance provides an overview of the IDFPR policy on cryptocurrencies such as bitcoin, and its interpretation of the application of the state’s Transmitters of Money Act to various activities involving digital currency. It explores how digital currencies are currently regulated under existing law, and provides examples of the types of activities that are currently defined as money transmission.
“As innovative payment technologies grow in popularity, it is vital that we provide a succinct regulatory framework that gives businesses operating in this space necessary clarity”, IDFPR Secretary Bryan Schneider said.
The IDFPR release comes as it seeks to incorporate blockchain technology into the state’s official government operations. Last week, the IDFPR, along with the state’s Department of Innovation & Technology (DoIT), Department of Commerce and Economic Opportunity (DCEO) and Department of Insurance (DOI) and Cook County's Recorder of Deeds, came together for ‘Illinois Blockchain Initiative’ – a first-of-its-kind government collaboration announced at the Blockchain Conference Chicago, CoinDesk reported.
Comments on the proposed guidance will be accepted until January 18th, 2017 at 5:00pm CST.
