Rhode Island will regulate crypto under Money Transmitter Laws
Rhode Island has become the latest U.S. state to add specific money transmitter guidance for crypto firms, CoinDesk reports. According to a report published on Monday by Alston and Bird, an international law firm, any business that accepts fees for currency transmissions, or maintains control over virtual currencies for others will fall under the new law as of January 1, 2020. Many of these requirements are adaptations from the standing money transmission legislation in the state. What’s new is a firm must maintain holdings of cryptocurrencies in kind and quantity equal to amount being transmitter by clients.
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