SB 182: Clearer Rules for Cryptocurrency Custodians and Digital Asset Holders

This bill passed the House 72-0 and this bill passed the Senate 25-0. 

The cryptocurrency craze that followed the Bitcoin booms was only the start of what will surely be an exciting era for financial technology. The latest digital assets, NFTs, baffle experienced traders and speculators alike. Yet despite the speculative nature of these assets, regulatory protection for those holding digital assets and virtual currencies is essential to ensuring the future of Fintech is successful.

Senate Bill 182, sponsored by Senator Kirk Cullimore, aims to do just that. Building on Utah’s already forward-looking approach to digital assets, this bill would state clearly how a holder of digital assets and virtual currencies can prove and maintain ownership, just like they would for any other asset, which offers much-needed certainty to investors. The bill also allows financial institutions that are not depository institutions to provide custodial services for digital assets and virtual currencies, which will expand options for investors.