*By Chloe Aiello* Pennsylvania's new, relaxed approach to cryptocurrency regulation is narrow in scope, but could serve as a model for other state regulators adopting a "lighter touch approach," said Drew Hinkes, co-founder and general counsel at Athena Blockchain. Pennsylvania’s Department of Banking and Securities [on Wednesday issued guidance](https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf) that said cryptocurrency trading platforms and service providers do not require money transmission licenses to operate in the state. The guidance clarifies that it's because"only fiat currency, or currency issued by the United States government, is 'money' in Pennsylvania. Virtual currency, including Bitcoin, is not considered 'money.'" In layman's terms, it means that cryptocurrency businesses that do business in Pennsylvania will not be subject within the state to the same intensive regulation as money handlers because the state doesn't define cryptocurrency as money. Hinkes called the approach "friendly" to crypto-business compared to states that have considered regulating cryptocurrency just like money, or, alternatively, drawing up new, stringent regulations for crypto. "This is the diametric opposite of what we've seen in New York and most other states. It will be interesting to see how this is received by others, and whether other regulators, trying to understand and wrap their arms around this industry, decide to adopt the Pennsylvania approach," Hinkes said. Since the cryptocurrency industry, much like marijuana, is regulated on a state-by-state basis, Pennsylvania's decision is of limited importance on a national level. But he said he wouldn't be surprised to see some crypto-friendly states modeling their own policies after Pennsylvania's approach. "This is sort of of limited import ー it only defines folks that are doing business with people that reside in Pennsylvania as to what they are and are not required to do within Pennsylvania," Hinkes said. "I could certainly see this being something used by legislators in other states who are considering taking a lighter touch approach."

Share:
More In Business
A US tariff exemption for small orders ends Friday. It’s a big deal.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines’ new policy will affect plus-size travelers. Here’s how
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Load More