NH House Bill 436 Signed Into Law Provides Exemptions To Virtual Currency Users
New Hampshire House Bill 436 has been signed into law by Governor Christopher Sununu and will take effect August 1, 2017, according to public records.
The legislation provides guidelines for money transmission as it relates to virtual currency, defined as 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." HB 436 was amended to extend exemptions to persons "conducting business using transactions conducted in whole or in part in virtual currency" by removing the necessity to register as money transmitters.
The implications of this legislation clearly indicate a soft approach towards blockchain innovators from the "Live Free or Die" state. Obtaining money transmitting licenses can be expensive and the paperwork process is time-consuming. Eliminating that inconvenience will foster the growth of blockchain-based business entities, and may also provide a conduit for exchanges to spring up.
It remains to be seen, come August, which developers take advantage of the welcoming climate New Hampshire lawmakers have established.