What laws apply to aircraft cryptocurrency transactions?
In Florida, aircraft cryptocurrency transactions are regulated under the provisions of both state and federal law. The Federal Aviation Administration (FAA) has authority over the regulation of aircraft activity, while the Department of Financial Services (DFS) has authority over the regulation of cryptocurrency activity. Under FAA law, the rules governing aircraft operations include requirements for safety and security, noise abatement, licensing and certification of pilots and aircraft mechanics, airworthiness standards, and air traffic control regulations. Under DFS law, cryptocurrency transactions are subject to the same rules and regulations as other financial services transactions, such as the requirements of the Florida Money Laundering Act. This includes the requirement for licensed money transmitters to register and comply with the Money Transmitters Code, which includes provisions for record keeping, customer identification, and reporting required for certain transactions. In addition, it is illegal to conduct any unlicensed financial services businesses in Florida, including cryptocurrency transactions. In order to conduct cryptocurrency transactions involving aircraft, the buyer and seller should ensure that all applicable federal and state laws are being complied with. This includes obtaining the necessary licenses and permits required by both the FAA and the DFS, as well as ensuring that all financial services regulations established by the DFS are being met. In addition, the buyer and seller should also be aware of the state and federal tax implications of such transactions.
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