Florida Legislature Passes Law Reclassifying Bitcoin Transactions to Prevent Money Laundering

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Friday, May 12, 2017
Author: 
Jacob Rasch
Volume: 
33
Issue: 
5
Abstract: 
On Friday, May 5, 2017, the legislature of the U.S. state of Florida passed legislation designed to reclassify transactions involving Bitcoin and other cryptocurrencies so they cannot be used to facilitate money laundering. The bill, which passed both the Florida House and Senate and now awaits the approval of Governor Rick Scott, adds “virtual currency” to the definition of “monetary instruments” covered under Florida’s Money Laundering Act. Under the legislation, “virtual currency” would be defined as a “medium of exchange in electronic or digital format that is not a coin or currency of the United States or any other country.”