Digital Currency Regulatory Guidance

Digital currencies such as Bitcoin, Dogecoin, Ethereum, Litecoin, and ZCash have raised questions with respect to money transmission and exchange of currency. This guidance outlines the policy of the Illinois Department of Financial and Professional Regulation (the “Department”) with regards to digital currencies. This guidance expresses the Department's interpretation of Illinois’ Transmitters of Money Act (“TOMA”) and its application to various activities involving digital currencies. This guidance seeks to establish the regulatory treatment of digital currencies under TOMA as it currently exists.