Are there any laws governing the use of virtual currencies, such as Bitcoin?

Yes, there are laws governing the use of virtual currencies, such as Bitcoin, in Washington. According to the Washington State Department of Financial Institutions, virtual currencies are considered to be money transmitters and as such they are subject to state laws. Money transmitters are required to be licensed and registered with the state, and must comply with certain record-keeping requirements. Additionally, Bitcoin and some other virtual currencies are now considered to be securities under Washington law, and companies dealing in them must comply with applicable securities laws. Any person or company who uses virtual currency in Washington must also comply with anti-money laundering laws. This includes conducting proper due diligence on customers and conducting transactions in a manner that stops anyone from attempting to avoid reporting requirements. Additionally, transactions involving virtual currencies must be reported to the Financial Crimes Enforcement Network in certain cases. Washington also has laws that give consumers protections when using virtual currencies. For example, money transmitters are required to provide consumers with certain consumer disclosures, and must handle customer complaints in a timely manner. Companies dealing in virtual currencies must also take certain steps to protect consumers from fraudulent activities, such as providing them with timely information and safeguarding information they provide to the company.

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Are there any laws governing the use of virtual currencies, such as Bitcoin?

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