Utah Accepts Crypto as Currency

The State of Utah proposed a new rule that allows state agencies to accept digital currency for payment owed. Public comment is being accepted through November 14, 2022. The tentative effective date is November 21, 2022.

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NOTICE OF PROPOSED RULE TYPE OF RULE: New Rule or Section Number: R25-25 Filing ID: 54909 Agency Information

3. Purpose of the new rule or reason for the change (Why is the agency submitting this filing?):

This rule has been created in accordance with Subsection 63A-3-112(6) to establish requirements that agencies must meet to accept virtual currency for payments and establishes standards for service providers wishing to contract with the state to covert virtual currency collections into fiat currency to satisfy amounts owed to the state.

4. Summary of the new rule or change (What does this filing do?

If this is a repeal and reenact, explain the substantive differences between the repealed rule and the reenacted rule): This is a new rule that has been created in accordance with Subsection 63A-3-112(6) to establish requirements that agencies must meet to accept virtual currency for payments and establishes standards for service providers wishing to contract with the state to covert virtual currency collections into fiat currency to satisfy amounts owed to the state. It establishes requirements for service providers, such as insurance coverage; timing of pricing, conversion, and deposit of funds; regulatory compliance requirements; and service provider fees. It also establishes requirements that state agencies must meet to offer digital asset payments, such as: record retention, fees, refunds and internal controls.