Rhode Island has become the latest U.S. state to add specific money transmitter guidance for crypto firms.

According to a report published August 5 from 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 beginning January 1, 2020.

Part of Rhode Island’s licensure for crypto firms are strict compliance metrics, anti-money laundering and anti-fraud protocols, and security requirements. Firms must also demonstrate an operational ability to…

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Author: Daniel Kuhn


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