BTC NEWS: Illinois Obliges Crypto-Cash Companies To Obtain A License For TOMA

The Illinois Financial Regulator (IDFPR) clarified the rules for companies whose activities are related to digital currencies, explaining that the digital currency is not regulated in accordance with the definition of money used in the state's financial legislation (TOMA).
The manual also explains the actions that are usually considered as "money transfers", including the exchange of digital currency to dollars through exchangers or bitkomnomaty. Now, to carry out its activities, crypto-cash companies need to obtain a TOMA license. Miners do not get licensed.
IDFPR argues that industry startups can use cryptocurrency as an allowable investment, believing that capital requirements in traditional currencies impose an "additional burden" on smaller transactions.

"IDFPR understands that the requirements for reserves in dollars impose an additional burden on crypto-exchange companies and therefore will consider crypto-currency reserves as a form of permissible investments, " the regulator's report says.

IDFPR also reports that it will allow applicants to view the digital currency they own as part of their net profit, although such recognition does not include the digital currency stored on behalf of customers.