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Utah Lawmakers Sponsor Bill to Exclude Cryptocurrency Transactions from Money Transmission Laws

Utah Lawmakers Sponsor Bill to Exclude Cryptocurrency Transactions from Money Transmission Laws

A Utah state senator has introduced a bill that could exempt cryptocurrency and blockchain technology-focused businesses from the state’s money transmission laws. If passed, Utah would become the next after Pennsylvania and New Hampshire to classify virtual currency businesses outside the ambit of money transmission regulations.

Utah: The Next Cryptocurrency Friendly Destination in the U.S.?

On March 1, 2019, Daniel Hemmert, a Republican member of the Utah Senate, introduced Senate Bill 213.

The bill seeks to provide an exemption for cryptocurrency token issuers and exchanges from being classified as money transmitters. The proposed legislation also looks to create a clear framework upon which future regulations could be built.

Thus, the bill asks for the creation of a 12-man “Blockchain Pilot Project Evaluation Task Force” that would oversee the study of the cryptocurrency and blockchain technology landscape.

According to the proposed bill, the task force will examine the various ways in which the emerging technology could be of benefit to the state. Also, the team will develop preliminary rules and regulations for consideration by appropriate committees in the state legislature.

If passed, Utah will join the likes of Pennsylvania and New Hampshire in exempting cryptocurrency exchanges and token issuers from money transmission laws.

Wyoming also recently introduced and passed into law, several cryptocurrency-focused bills. One such bill exempts cryptocurrency tokens from both securities and money transmission laws.

Money Transmission Laws and the Emerging Digital Economy

In the absence of federal cryptocurrency regulations, different states in the U.S. continue to develop their virtual currency and blockchain technology laws. Thus, businesses are forced to navigate a patchwork of state regulations as part of their operations.

The question of whether cryptocurrency trading constitutes money transmission is one that has no consensus agreement among state regulators in the U.S. Part of the issue lies in determining whether cryptocurrencies like bitcoin represent money or not.

Thus, while Pennsylvania, New Hampshire, Illinois, and Texas do not classify crypto trading as money transmission, others like New York, North Carolina, and Oregon have elected to do the exact opposite. New York even has its legacy cryptocurrency business registration (BitLicense) which is required for operating in the state.

States like Wyoming believe that excluding cryptocurrency trading from money transmission laws creates a conducive environment for virtual currency businesses. On the opposite side, proponents say such exemptions open the door for money laundering and other illegal financial transactions.

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Published at Tue, 05 Mar 2019 15:00:41 +0000

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Crowd Genie Asset Exchange to Hold ICO

Crowd Genie, a fully operational Singapore-based peer-to-peer digital lending platform licensed by the Monetary Authority of Singapore (MAS), has been selected by the token holders of the ICOS platform as the latest promising project to hold its own ICO.

Unlike most projects contemplating an ICO, Crowd Genie is not a startup but rather a debt-based lending platform that has been in operation for more than 12 months. It is one of only four P2P lending platforms licensed by the MAS. The project’s vision is to build a tokenized Pan-Asian lending exchange based on smart contracts, to ensure cost-effective, safe and efficient cashflows between lenders and borrowers. The platform will include blockchain-based identity management, 40+ variable KYC due diligence, and a distributed asset exchange.

Powerful Security and Due Diligence + AI-powered Credit Scoring

Crowd Genie will create a “digital passport” for each client, both lenders and borrowers, using due diligence procedures that ensure compliance with KYC, AML/CFT, cybersecurity, and privacy requirements. Blockchain smart contract technology will make it possible for verified users to perform lending transactions instantaneously and at a much lower cost. The tokenization of assets on the distributed asset exchange will allow Crowd Genie to trade in fractions of assets from asset classes that would otherwise be too expensive or impractical to trade using traditional methods.

The project utilizes an AI-powered credit scoring engine to take information from the documents submitted by prospective borrowers and assess their creditworthiness. As the data set increases, the AI engine constantly adjusts the scoring algorithm by reevaluating and back-testing the data. Crowd Genie is also the only platform where the platform directors always participate in each asset listing. This ensures that the motivation and interests of all parties concerned are the same.

According to Crowd Genie founder Akshay Mehra:

We feel that going into an ICO as an already established business has its advantages. We have had time to fine-tune our platform, making it the most comprehensive on the market. Ours is the only platform that incorporates the entire lending process, from KYC verification to asset lending. No startup can say the same.

Crowd Genie ICO

Crowd Genie ICO

The public ICO will begin on January 15, 2018, and will run until February 15, 2018. On offer will be 50,000,000 CGCOINs, a utility token which can be used to trade on the Crowd Genie platform. When a transaction is performed in CGCOINs, the lender purchases the corresponding amount of CGCOIN tokens and transfers them to the borrower. The borrower can then either use the tokens to receive a fiat currency or keep them in the cryptocurrency, ensuring natural demand for the tokens.

Borrowers will receive incentives for making on-time payments on loans. For each repayment, borrowers will receive CGCOIN “Credits”, a disposable asset that will be tracked separately in the digital passport. These credits will be visible and will improve the borrower’s reputation in the system, thereby allowing them to receive larger loans and/or lower interest rates.

Speaking about the Crowd Genie project, ICOBox co-founder Nick Evdokimov remarked:

This is a project with a great upside. The fact that Crowd Genie is already a going concern is a real plus. The use of emerging blockchain technologies will make the platform more dependable, inexpensive and faster. We are very pleased that ICOS token holders have recognized the value of the project, and look forward to a successful ICO.

Crowd Genie’s goal is to collect 100,000 ETH through the token sale. The base price is 1 ETH for 400 tokens. All unsold tokens will be burned.

For more information about Crowd Genie please visit crowd-genie.com.

What are your thoughts on the Crowd Genie project? What impact will its regulatory approval and strict KYC have on the overall p2p lending industry? Let us know in the comments below.

Images courtesy of Crowd Genie

The post Crowd Genie Asset Exchange to Hold ICO appeared first on Bitcoinist.com.

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