The United States through the “virtual currency commercial unified supervision law” to protect the field of digital money innovation


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nThe “Unified Monetary Business Monetary Regulatory Law” was adopted at the 126th Annual Conference of the United States National Assembly of Lawyers (ULC), which ended in San Diego, California on July 19.n
nA total of six laws were passed at the meeting, but the most notable one was the “Monetary Market for Virtual Monetary Business.” The bill claims:n
nn”The underlying assumption of promoting this law is that appropriate regulation will provide protection for those who use virtual currency products and services, that is, it will be reasonably regulated as other financial services and providers of products”n
nn”Virtual Currency Business Unified Supervision Law” promulgated, will standardize the virtual currency business activities, set the legal framework. The bill includes licensing, reciprocity, consumer protection, cybersecurity, anti-money laundering and many other regulatory aspects.n
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nIt is important to note that it is not common for the Uniform Law Conference to initiate legal drafting projects for young industries such as the virtual currency industry,n
nn”One of the reasons for this project is one of the reasons why states are enacting this law is that innovators need customers to be successful.” Customers want to know how new products and services work and may understand whether the business is through a financial services regulator This approach satisfies the needs of such future customers, and the second reason is that virtual currency firms need banking relationships, credit opportunities and early investors to succeed. Banks, banking regulators and investors clarify the success of these companies with the support of banking services and a more clear regulatory system. “n
nn”The United States Uniform State Law Committee” provides states with non-partisan but well-drafted legislative programs. The organization consists of more than 300 lawyers, judges and law professors from the states and the District of Columbia, Puerto Rico and the United States Virgin Islands.n
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nAfter the approval of the ULC, a unified bill will be formally promulgated to the states for consideration and urge the state legislature to adopt. Since its inception in 1892, ULC has published more than 200 bills, including the Uniform Business Law, the Uniform Will Act and the Uniform Partnership Act, which later became important national laws of the United States.n
nThe “virtual currency commercial unified supervision law” will greatly affect the US digital currency in the field of legislation and regulatory process. And in view of the status of the United States in the world financial system, the law will have a global impact.n

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