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ARTICLE · 23 JUNE 2017

New Hampshire Exempts Bitcoin From Money Transmitter Regulation

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The pro-bitcoin legislation trend continues. This month New Hampshire passed legislation that exempts persons using virtual currency from registering as money transmitters.

United StatesTechnology
James Gatto
James Gatto
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The pro-bitcoin legislation trend continues. This month New Hampshire passed legislation that exempts persons using virtual currency from registering as money transmitters. Specifically, the law amends existing RSA 399-G, which deals with licensing of money transmitters as follows.

The law amends RSA 399-G:1, XVI(b), which defines "money transmission" to now read: "Money transmission" means:

  1. Engaging in the business of selling or issuing payment instruments or stored value; or
  2. Receiving currency or monetary value for transmission to another location, including maintaining control of virtual currency on behalf of others.

Under the law, the term "virtual currency" is newly defined to mean "a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government."

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