Rhode Island, USA will regulate cryptocurrencies according to the currency circulation law

Rhode Island, the United States, became the latest state in the United States to add a specific currency to the encryption company. According to a report released by the international law firm Alston and Bird on August 5th, from January 1, 2020, any business that accepts money transfer fees or maintains control of virtual currency for others will be subject to the new law. constraint. Some of Rhode Island's licenses to encryption companies include strict compliance standards, anti-money laundering and anti-fraud agreements, and security requirements. The company must also demonstrate the operational capability of "protecting the confidentiality, integrity and availability of any non-public personal information or currency transmissions it receives, maintains or transmits." Many of these requirements were based on the state's standing currency circulation legislation. The new situation is that the physical and quantity of the cryptocurrency that the company must hold is equal to the amount sent by the customer. In the Act, cryptocurrency is defined as “a digital representation of the value of a medium of exchange, a unit of account, or a means of value storage, rather than a fiat currency, whether or not it is denominated in legal tender.”