In line with recent ‘announcement‘ on Texas official legislature portal, a new bill necessitating individuals to introduce themselves while using crypto assets has been recently filed on 8th March.
The newly introduced bill’s text ‘outlines‘ the of definition of crypto currencies, digital wallets, DLT [distributed ledgers] along with VIDC [Verified Identity Digital Currencies]. The latter is outlined as “a crypto currency that enables the actual identities of the sender as well as the receiver to be noted before an individual has access to any other person’s digital wallet.”
Moreover, prior to accepting a payment in digital currency, an individual must verify the identity of the person transferring the payment unless a VIDC is employed. Moreover, the planned regulation conjointly specifies:
“This state might not use a crypto currency that’s not a verified identity digital currency.”
Additionally, the bill declares that the Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety and State Securities Board can work along to support the application of VIDCs.
Such encouragement is outlined as providing tools to apart VIDCs from other crypto currencies, educating enforcements and promoting the utilization of VIDCs. The bill conjointly specifies the implementations of these guidelines, adding that the aforesaid organizations ought to adopt rules to carry forward these directives.
Recently, Russia’s Duma Committee on monetary Markets ‘conjointly‘ declared that they’re considering the adoption of a mandatory identification process for the users of digital assets.
As ‘reported‘ earlier in Feb., the Texas State Securities Board issued a complete of 16 orders against suspected cryptocurrency scam investments last year.
Even in Feb., the Texas’ state securities regulator declared it had reached to a ‘final agreement with four crypto‘ related companies it accused of selling unregistered securities.