Bill > SB1177

This bill creates comprehensive legal provisions for digital assets in Missouri, establishing clear definitions and regulations for different types of digital assets including digital consumer assets, digital securities, and virtual currencies. The legislation defines key terms like "private key" and "custodial services" and provides a framework for banks to offer custody services for digital assets, requiring them to provide 60 days' notice to the state commissioner and comply with specific technological, security, and financial oversight requirements. The bill also creates a voluntary registration system through the Secretary of State's office, allowing digital asset owners to register their assets for a five-year term, with the registration serving as a way to establish the asset's legal location within Missouri. Additionally, the legislation addresses how digital assets can be treated as personal property for legal and financial purposes, establishes rules for perfecting security interests in digital assets, and provides guidelines for how banks can hold and manage these assets while protecting customer interests. The bill aims to provide clarity and legal structure for emerging digital asset technologies, offering protections for both financial institutions and asset owners while creating a regulatory framework that acknowledges the unique characteristics of digital assets.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=138