IDFPR Releases Final Digital Currency Regulatory Guidance
State financial services regulator release guidance after close of public comment period
CHICAGO — Secretary Bryan A. Schneider with the Illinois Department of Financial and Professional Regulation (“IDFPR”) has announced the issuance of guidance to establish the regulatory treatment of digital currency under the Illinois Transmitters of Money Act (205 ILCS 657) (“TOMA”). IDFPR’s guidance focuses on decentralized digital currencies, which are considered electronic mediums of exchange that are not created or issued by a central authority, are not legal tender, and can be used to purchase goods and services or to exchange for other currencies. IDFPR’s guidance follows a commentary period that concluded in January 2017 and takes into account responses received from the public.
The full text of the IDFPR’s “Digital Currency Regulatory Guidance” can be found below.
About the Illinois Blockchain Initiative
The Illinois Blockchain Initiative is designed to be a collaborative effort and position Illinois as a leader in blockchain innovation. The State invites all government entities, businesses, organizations and academia interested in participating in this exciting opportunity to contact either: Cab Morris, Deputy Director of Strategy and Operational Performance Illinois Department of Financial and Professional Regulation at email@example.com or Jennifer O’Rourke, Illinois Blockchain Business Liaison, Illinois Department of Commerce and Economic Opportunity at firstname.lastname@example.org.
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