§ 19-14.3-3.6 — § 19-14.3-3.6. Property interests and entitlements to virtual currency.

Rhode Island § 19-14.3-3.6

• Jurisdiction: Rhode Island
• Title 19: Financial institutions
• Ch. 19-14.3: Currency Transmissions

Text

§ 19-14.3-3.6. Property interests and entitlements to virtual currency.

(a) A licensee that has control of virtual currency for one or more persons shall maintain in its control an amount of each type of virtual currency sufficient to satisfy the aggregate entitlements of the persons to the type of virtual currency.

(b) If a licensee violates subsection (a), the property interests of the persons in the virtual currency are pro rata property interests in the type of virtual currency to which the persons are entitled, without regard to the time the persons became entitled to the virtual currency or the licensee obtained control of the virtual currency.

(c) The virtual currency referred to in this section is:

(1) Held for the persons entitled to the virtual currency;

(2) Not property of the licensee; and

(3) Not subject to the claims of creditors of the licensee.

Legislative History

P.L. 2019, ch. 226, § 4; P.L. 2019, ch. 246, § 4.