became the latest state to special treatment for in a set to be heard today, March 4, concerning the definition of the technology.
First presented by Republican senator Daniel Hemmert on Feb. 25, the “ Technology Act,” also known as Bill 0213, aims to exclude businesses from money transmitter compliance obligations.
“This bill […] defines and clarifies terms related to technology [and] exempts a person who facilitates the creation, exchange, or of certain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads.
The plans are currently before the Senate Transportation, Public Utilities, Energy, and Technology Committee.
In addition to altering the law regarding firms, Hemmert also wishes to create a dedicated task force focusing on the technology, including administering pilot projects, which would report back to government before the end of the year.
“On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation,” the bill continues.
Should it gain traction, Hemmert’s bill would take Utah over to the more progressive side of U.S. local regulatory treatment of issues, similar to the stance by .
By contrast, jurisdictions such as and — the latter in the form of the controversial — have strict licensing procedures for – and crypto-related businesses.
Published at Mon, 04 Mar 2019 13:14:11 +0000
