New legislation to regulate blockchain and cryptocurrencies proposed in Vermont

Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions
09 January 2018   438

Blockchain technology is rapidly gaining popularity in different aspects of real life and production. Pharmacologists and food suppliers are looking into ways to implement digital ledgers. So, no wonder, that the new round of legislation got proposed last week in Vermont to regulate and harness blockchain.

Alison Clarkson, the Windsor District Democrat, proposed a new bill detailing the use of digital assets tethered to blockchain and various digital currency solutions. Two most interesting parts are sections twelve and thirteen.

Section thirteen calls for research and report on risks and benefits of adopting blockchain technology and cryptocurrency operations in Vermont state government. This report will be reviewed various government officials and members of the Vermont Law School. Also Clarkson wants to create a dedicated cryptocurrency research and fintech Summit to explore opportunities that promote financial technology and economic development in the private sector, including in the areas of banking, insurance, retail and service businesses, and cryptocurrency providers and proponents, as quoted from the bill, published on Vermont government website.

Section twelve, in turn, is more along the regulatory lines. It talks about digital currency LLCs' physical presence in the state, taxation and possible exemptions for such companies. This section proposes the ability to pay taxes in cryptocurrency, if the company resides in Vermont. The S.269 proposal follows:

A digital currency limited liability company shall remit to the State in the form of its digital currency a transaction tax equivalent to $0.01, at the then current exchange rate for the currency with the U.S. dollar, per transaction for: each unit of currency mined or otherwise created; and each sale or other transfer of one or more units of currency.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.