(ABC4) – Utah has now signed 3 new bills into law that deal with cryptocurrency.
The first, HB 335, creates the Blockchain and Digital Innovation Task Force. Members will be appointed to this new task force and make policy recommendations related to these technologies.
The second, HB 456, requires the Division of Finance to contract with a third party in order to accept payments in the form of digital assets. This will also give the division their own rulemaking authority to determine the standards a third party must meet to provide these payment services.
Finally, the third bill, SB 182, establishes a framework of ownership for digital access. This creates a secure, private right for owners over digital transactions.
Blockchain, which is the underlying technology that many cryptocurrencies operate on is still relatively new technology. Many states are creating their own Digital Task Force in order to better understand it and be able to set policies.
All three of these bills will go into effect this summer.