Colorado Governor Jared Polis signed on March 8, the Digital Tokens Act , excluding certain digital currencies from state securities legislation.
Also, under certain circumstances, the new law exempts broker-dealers and cryptocurrency dealers from licensing. Rules come into force on August 2.
Exciting day for #blockchain technology. @GovofCO @jaredpolis a signed the #Digital the Token Act today has been with key state legislators, Attorney of General @pweiser , and #Colorado cabinet members with Patty Salazar has @DORAColorado , @BetsyMarkey with OEDIT, and @TheresaSzczurek of @OITColorado . pic.twitter.com/erOEloEdpy
– TheresaSzczurek (@TheresaSzczurek) 7 March, 2019 r.
“It's a great day for the blockchain technology ,” wrote Teresa Schurek, the chief information officer for the Colorado government.
According to state authorities, the Digital Tokens Act will turn Colorado into a technology hub for decentralized platforms that are consistent with the concept of Web 3.0. In addition, the regulation will make it easier to conduct business related to the blockchain and cryptocurrency. This, in turn, will create new jobs and make the state attractive to venture capitalists and developers, as well as increase trust in local authorities.
According to the document, cryptocurrencies are not subject to state securities legislation if the “primary function of a digital token is consumer”. On the other hand, such assets should not be used for “speculative and investment purposes”.
“The consumer function of the token means that it is primarily used to obtain goods, services or content ,” explain the lawmakers.
Recall that the bill on digital tokens was submitted to the Senate of Colorado in early January. The authors of the document are Republican Jack Tate and Democrat Steve Fenberg.
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