New Hampshire's Bitcoin MSB Exemption Law Takes Effect Next Week

A regulatory exemption for digital currency traders in New Hampshire is set to take effect next week.

As reported last month by CoinDesk, New Hampshire Gov. Chris Sununu signed HB 436 on June 2, which excludes "persons conducting business using transactions conducted in whole or in part in virtual currency" from the state's money services rules. The measure was first introduced in January.

According to the text of the bill, which was finalized in late April, the new rules take place on August 1, or next Tuesday.

The measure won plaudits from the state's bitcoin community, though state officials, including those from its chief financial regulator, blasted the then-proposed law in hearings before the legislature. The bill was sponsored by Rep. Barbara Biggie, with Rep. Keith Ammon co-sponsoring the measure.

When it came time for votes, both the House of Representatives as well as the Senate displayed a somewhat divided view on the bill, clearing it by votes of 185-170 and 13-10, respectively.

Ultimately, the new rules highlight how New Hampshire has taken a largely different approach to its regulation of digital currencies. Other states, from New Hampshire to Washington, have opted for tighter controls on those who trade or handle digital currencies on behalf of customers.