What are the laws concerning the use of virtual currency and blockchain technologies?

In North Carolina, the laws concerning the use of virtual currency and blockchain technologies are still evolving. The North Carolina Money Transmitters Act (MT Act) provides oversight of virtual currency or digital asset-based money transmission activities. Companies dealing in virtual currency must register with the North Carolina Office of the Commissioner of Banks and obtain a license from the Commissioner before engaging in this activity. The North Carolina Secretary of State also requires certain entities to register before engaging in a virtual currency business. The North Carolina Attorney General’s Office also provides guidance on the use of blockchain technology in certain areas. For instance, companies involved in the delivery of virtual currency or digital assets must comply with the state’s Electronic Unclaimed Property Law. Additionally, the North Carolina Utilization of Blockchain Technology Act requires companies involved in blockchain technology to register with the Secretary of State as a “blockchain technology medium.” Companies using blockchain technology must disclose the types of digital assets they are dealing in and maintain appropriate records and policies. Though many of the laws have been put in place, there are still gaps in the regulations and oversight. It is important for companies engaging in the use of virtual currency and blockchain technologies to consult with an attorney to ensure they are in compliance with all applicable laws.

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What are the laws concerning the use of virtual currency and blockchain technologies?

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