IDFPR Releases Final Digital Currency Regulatory Guidance

CHICAGO - Secretary Bryan A. Schneider with the Illinois Department of Financial and Professional Regulation (“IDFPR”) has announced the issuance of guidance to establish the regulatory treatment of digital currency under the Illinois Transmitters of Money Act (205 ILCS 657) (“TOMA”). IDFPR’s guidance focuses on decentralized digital currencies, which are considered electronic mediums of exchange that are not created or issued by a central authority, are not legal tender, and can be used to purchase goods and services or to exchange for other currencies. IDFPR’s guidance follows a commentary period that concluded in January 2017 and takes into account responses received from the public.