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North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-09.1-49. Additional requirement and clarifications for virtual-currency business activities

Current as of January 01, 2024 | Updated by Findlaw Staff

1. A licensee engaged in virtual-currency business activities must comply with all provisions of this chapter to the extent applicable to the licensee's activities.

2. A licensee engaged in virtual-currency business activities may include in its calculation of tangible net worth virtual currency, measured by the average value of the virtual currency in United States dollar equivalent over the prior six months, excluding control of virtual currency for a person entitled to the protections pursuant to section 13-09.1-48.

3. A licensee shall maintain, for all virtual-currency business activity with or on behalf of a person five years after the date of the activity, a record of:

a. Each transaction of the licensee with or on behalf of the person or for the licensee's account in this state, including:

(1) The identity of the person;

(2) The form of the transaction;

(3) The amount, date, and payment instructions given by the person; and

(4) The account number, name, and United States postal service address of the person, and, to the extent feasible, other parties to the transaction;

b. The aggregate number of transactions and aggregate value of transactions by the licensee with or on behalf of the person and for the licensee's account in this state, expressed in United States dollar equivalent of virtual currency for the previous twelve calendar months;

c. Each transaction in which the licensee exchanges one form of virtual currency for money or another form of virtual currency with or on behalf of the person;

d. A general ledger posted at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee;

e. Each business-call report the licensee is required to create or provide to the department of financial institutions or the nationwide system;

f. Bank statements and bank reconciliation records for the licensee and the name, account number, and United States postal service address of each bank the licensee uses in the conduct of its virtual-currency business activity with or on behalf of the person;

g. A report of any dispute with the person; and

h. A report of any virtual-currency business activity transaction with or on behalf of a person which the licensee was unable to complete.

4. A licensee shall maintain records required by subsection 3 in a form that enables the commissioner to determine whether the licensee is in compliance with this chapter, any court order, and law of this state other than this chapter.

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Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-09.1-49. Additional requirement and clarifications for virtual-currency business activities - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-09-1-49/

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