The governor of New Hampshire has signed a bill into law exempting bitcoin traders from money transmission regulations.
House Bill 436 was signed by gov. Chris Sununu on 2 June and comes more than a month after state senators passed the bill in April when it passed a vote of 13-10. Earlier in March, HB 436 passed the New Hampshire House of Representatives when cleared with a vote of 185-170.
First introduced in January, the bill was sponsored by Rep. Barbara Biggie, co-sponsored by Rep. Keith Ammon and John Hunt, all of which were early adopters of bitcoin. The signing of the bill now means that ‘persons conducting business using transactions conducted in whole or in part in virtual currency,’ are exempt from money transmission regulations. It also means that companies in the state would be able to function without following strict KYC and AML regulations.
Known as a bitcoin-friendly state, New Hampshire has been demonstrating an interest in bitcoin and is keen to adopt the digital currency into the state.
Prior to the bill being signed into law, digital currency exchange Poloniex had announced that it was suspending its activity for New Hampshire customers. The reason this was was because of the state’s strict digital currency regulations and the fact that New Hampshire was trying to implement its own version of a New York BitLitcense.
Such a move meant that it was becoming increasingly expensive and difficult for digital currency exchanges to provide a service to the state of New Hampshire.
Now, though, the new bill means that exchanges can provide a service to consumers who have called for less regulation within the growing market.
Keene, in New Hampshire, is one area that is showing its active in the acceptance of bitcoin. Last August, it was reported that a food truck that specializes in Vietnamese, French and vegetarian food had started accepting bitcoin.
The law is expected to go into effect 1 August, 2017.
Featured image of New Hampshire capitol building from Shutterstock.
Last modified: June 10, 2020 1:10 PM UTC