Sec. 401. Bank Secrecy Act
363 words·~2 min read·
/bill/117/hr/4741/ih/section-401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5312(a)(3)(B) of title 31, United States Code, is amended— by inserting digital assets, after coins and currency of a foreign country, ; and by inserting after passed on delivery , the following: , digital asset security as such term is defined in section 3(a) of the Securities Exchange Act of 1934 . Section 5312(a) of title 31, United States Code, is amended by adding after paragraph
(6)the following: The term digital asset has the meaning given the term in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ). The term virtual asset means— a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes; and a digital asset. . Section 5312(a) of title 31, United States Code, is further amended by adding at the end the following: The term virtual asset service provider — means a person who— exchanges between digital asset and fiat currencies; exchanges between digital assets; transfers of digital assets; is responsible for the custody, safekeeping of a digital asset or an instrument that enables control over a digital asset; issues or has the authority to redeem a digital asset; and provides financial services related to the offer or sale of a digital asset by a person who issues such digital asset; and does not include any person who— obtains a digital asset to purchase goods or services for themself; provides communication service or network access services used by a money transmitter; or develops, creates, or disseminates software designed to be used to issue a digital asset or facilitate financial activities associated with a digital asset. . Section 5312(c)(1) of title 31, United States Code, is amended— in subparagraph (A), by striking the period at the end and inserting a semicolon; and by adding after subparagraph (A), the following: any virtual asset service provider that— exchanges between digital assets and fiat currencies; exchanges between digital assets; transfers digital assets; is responsible for the custody, safekeeping or administration of digital assets or instruments enabling control over digital assets; or provides financial services related to the offer or sale of a digital asset by an issuer. .
Connectionstraces to 1
Traces to 1 document
U.S. Code