Illinois’ Department of Financial & Professional Regulation (IDFPR) recently published proposed regulatory guidance on the application of Illinois’ Transmitters of Money Act to decentralized digital currencies. The guidance, which will explain how IDFPR will interpret and enforce the law, rather than being law in and of itself. This will be an essential guide to virtual currency regulation in Illinois for exchanges, wallets and other virtual currency businesses.

There’s more information in our Alert.

Posted by Cooley