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Financial Services Law Insights and Observations

Florida Adds Virtual Currency to Anti-Money Laundering Law

Fintech State Issues State Legislation Bitcoin Anti-Money Laundering Virtual Currency

Fintech

On June 23, Florida Governor Rick Scott signed H.B. 1379, which will incorporate virtual currency into the Florida Money Laundering Act. Specifically, the Bill adds virtual currency to the list of currency and negotiable instruments classified as “monetary instruments” under the Act. In addition, virtual currency will be included in the definitions section as a “medium of exchange in electronic or digital format that is not a coin or currency of the United States or any other country.” The law goes into effect on July 1.