New Hampshire exempts bitcoin from money transmission regulations

After months of debate, a bill that exempts traders of digital currencies like bitcoin from New Hampshire’s money transmission regulations is now a law.

New Hampshire Gov. Chris Sununu signed House Bill 436 into law last June 2, more than a month after state senators passed the bill.

First introduced in January, HB436 seeks to create an exemption from money transmission requirements for “persons conducting business using transactions conducted in whole or in part in virtual currency,” which it defines as a “digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.”

The bill enjoyed support from grassroots advocates, but also drew flak from state officials who blasted the proposal during public hearings. Despite this, HB436 cleared the House of Representatives by a 180-170 margin in March and passed the State Senate by a 13-10 vote in April.