New Hampshire: Bitcoin sales illegal without money transmitters license

Regulation | December 16, 2015 By:

The State of New Hampshire in the United States announced that effective January 1st, 2016, it will be illegal to sell bitcoin without a traditional money transmitters license.

Buying and selling bitcoin is perfectly legal at the present time and is not considered money transmission under the current regulations at 399-G:1 of the New Hampshire statutes governing the activity. That is about to change.

Unlike New Yorks Bitlicense requirements, New Hampshire licensing requirements are more than fair and obtainable by small business owners. The application fee is a nonrefundable $500, compared to $5000.00 in New York (also nonrefundable) with a maximum annual fee not to exceed $5000.

Persons and legal entities currently conducting transactions involving digital currency should take notice and either cease and desist effective January 1st, 2016, or prepare to submit an application for a money transmitters license in New Hampshire. Affected parties should clarify a course of action with compliance advisors and/or general counsel on the matter if they have not done so already.