Bill > HB2081

This bill, the Digital Asset Regulation Act, provides for collateral requirements for virtual currency lenders and segregation of funds. It requires virtual currency lenders to hold collateral worth at least 100% of the value of virtual currency exchanged, to be used to reimburse clients in the event of default, fraud, or technical failure. The bill also mandates that virtual currency lenders manage consumers' money and digital consumer assets separately from their own. Penalties are imposed for failure to comply with these requirements, and the Department of Banking and Securities is tasked with promulgating regulations to implement and enforce the act.