On July 1, Governor Ned Lamont of Connecticut officially signed into law HB7082, which prohibits state and local agencies from holding or investing in Bitcoin and other cryptocurrencies. The new law not only imposes a ban on Bitcoin reserves but also comprehensively amends regulations related to money transmission and cryptocurrency transactions. Companies providing electronic wallet and related payment services must strictly comply with licensing regulations, information transparency, ensure cryptocurrency reserves at a 1:1 ratio, and apply special security and anti-fraud measures for the elderly and high-value transactions. Additionally, the law tightens the use of money-sharing applications for minors, requiring parental consent and allowing data deletion upon request.
The HB7082 law and the ban on Bitcoin reserves in Connecticut
The HB7082 law of the state of Connecticut marks an important step in cryptocurrency management by prohibiting government agencies at all levels from holding or investing in Bitcoin and other cryptocurrencies. This is an effort to mitigate risks associated with price volatility and protect public assets from the instability risks of the cryptocurrency market.
The ban on Bitcoin reserves helps the state avoid unwanted financial risks while creating a clear legal framework that allows businesses and investors to operate more transparently in the cryptocurrency sector.
New regulations on cryptocurrency activities and electronic wallet services
The HB7082 law requires businesses providing electronic wallet services and cryptocurrency transactions to comply with strict regulations on licensing, information reporting, and cryptocurrency reserves at a 1:1 ratio. This ensures that the amount of cryptocurrency these entities hold always corresponds with actual reserves, limiting the risk of asset imbalance.
At the same time, the law also imposes consumer risk warning requirements, restricts transactions with large sums of money, and enhances anti-fraud measures, particularly aimed at protecting the elderly – a group that is more likely to become targets of fraudulent activities in the cryptocurrency market.
Measures to protect underage users in cryptocurrency transactions
With the goal of ensuring safety for minors, the new law imposes strict limits on the use of money-sharing applications and related services. Minors wishing to open accounts must have clear parental consent, and the control of personal data is also strictly protected, allowing for data deletion upon user request.
These regulations aim to build a safe and transparent cryptocurrency trading environment, minimize abuse risks, and protect the rights of young users, contributing to the sustainable development of the local cryptocurrency market.
Source: https://tintucbitcoin.com/thong-doc-connecticut-ky-luat-cam-bitcoin/
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