ABA House of Delegates Approves Virtual-Currency Business Draft Legislation

The American Bar Association’s House of Delegates approved a draft uniform law regarding virtual currency businesses for states to adopt.  Drafted by the National Conference of Commissioners on Uniform State Laws, the Uniform Regulation of Virtual-Currency Business Act provides a statutory framework for the regulation of companies engaging in “virtual-currency business activity”. Virtual-currency business activity means exchanging, transferring, or storing virtual currency; holding electronic precious metals or certificates of electronic precious metals; or exchanging digital representations of value within online games for virtual currency or legal tender.