Illinois Bill Proposes Criminalizing Unlicensed Digital Assets Business Activities

03/09/2023 01:49 • Tech Trends • 88 views

On March 9, the Alliance DAO, a decentralized autonomous organization created by the Web3 entrepreneurship accelerator DeFi Alliance, tweeted that last night in Illinois, a bill (the Digital Assets Regulation Act DARA) proposed to criminalize unlicensed digital assets business activities (i.e., most blockchain activities). If the House of Representatives passes the bill, it may become law in a few weeks.

The new law of Illinois in the United States intends to make unauthorized digital asset business activities a felony

Analysis based on this information:

The Alliance DAO, a decentralized autonomous organization created by DeFi Alliance, recently reported that the Digital Assets Regulation Act (DARA) bill has been proposed in Illinois, which if passed, could potentially criminalize unlicensed digital assets business activities. This bill puts most blockchain and cryptocurrency-related businesses in danger of facing criminal charges in the state of Illinois.

The proposed DARA bill is aimed at creating a regulatory framework for virtual currencies and blockchain technology-based businesses within the state of Illinois. The bill states that it is designed to encourage innovation and protect consumers while also addressing the risks associated with digital assets.

However, the proposed language in the bill could be problematic for many businesses operating in the cryptocurrency and blockchain space. It would require businesses to pay a licensing fee before they can operate within the state, and failure to do so would result in criminal charges.

This could create significant problems for cryptocurrency and blockchain-based businesses that rely on a decentralized model to function. In many cases, such businesses are run by small startups or decentralized organizations, with no central authority or figure overseeing their operations. Such businesses would find it difficult to obtain the licensing required under the DARA bill, potentially resulting in criminal charges.

The proposed DARA bill has raised concerns among cryptocurrency and blockchain enthusiasts, who argue that it will stifle innovation and hinder the growth of this emerging industry. However, proponents of the bill argue that it is necessary to protect consumers and to create a level playing field for businesses operating in this space.

In conclusion, the proposed DARA bill in Illinois has the potential to significantly impact the cryptocurrency and blockchain industry. Businesses operating in this space should keep a close eye on developments and explore ways to comply with the regulations if and when they become law.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/09/illinois-bill-proposes-criminalizing-unlicensed-digital-assets-business-activities/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.