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Minnesota Statutes Banking (Ch. 46-59) § 53B.73. Property interests and entitlements to virtual currency

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A licensee that has control of virtual currency for one or more persons must maintain control of virtual currency in 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 paragraph (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;

(3) not subject to the claims of creditors of the licensee; and

(4) a permissible investment under this chapter.

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Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 53B.73. Property interests and entitlements to virtual currency - last updated January 01, 2025 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-53b-73/

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