Serving Southeast Michigan For Over 30 Years.

Laws Prohibiting Cryptocurrency Financial Crimes Take Effect March 19 in Michigan

Laws prohibiting cryptocurrency financial crimes take effect March 19 in Michigan. The five-law cryptocurrency package, signed into law by Gov. Gretchen Whitmer in December, does not add any additional crimes or penalties to the existing Michigan Penal Code. The legislation updates laws to clarify that if a person were to engage in criminal activity with a digital form of currency such as Bitcoin, their actions would be treated as if they were doing it using cash.

What is Cryptocurrency?

Cryptocurrency is digital currency or electronic cash. It first started to appear in the United States in the early 1990s, but its popularity has taken off due to a surge in online business and the ease and unregulated nature of the exchange.

What is Bitcoin?

Bitcoin is the largest and most well-known digital currency. According cnbc.com, one Bitcoin amounts to over $11,000 as of Feb. 4, 2020. Bitcoin’s popularity increased suddenly in 2017 when the value of one surged to almost $20,000, up from $327 in 2015.

What businesses accept cryptocurrency?

A growing number of merchants across the country accept cryptocurrency, including Microsoft and AT&T. Online retailers such as Newegg and Overstock agree to receive Bitcoin payment as well.

How will this affect my Macomb County business?

Cryptocurrency is not yet recognized as a form of money; therefore, loopholes have arisen in outdated criminal laws that explicitly involve money. As cryptocurrency popularity continues to increase, business owners may wish to accept digital cash. The new Michigan laws add references to cryptocurrency to prohibit embezzlement, forgery, money laundering, racketeering, counterfeiting, and dogfighting winnings.

What if I need help understanding the laws surrounding digital currency and how they may affect my business?

The business attorneys at O’Reilly Rancilio are ready to help business owners understand the complexities of the law, including the laws governing cryptocurrency. For information, visit our website or call 586-726-1000.

For More Information

  • This field is for validation purposes and should be left unchanged.

Press Room

Jul
8
O’Reilly Rancilio attorney Clark Andrews received the State Bar of Michigan “Unsung Hero Award” for more than four decades of legal, volunteer, and pro bono wo… Read More
Jun
17
John Nitz, a founding member of O’Reilly Rancilio P.C. and a lifelong Macomb County resident, was recently named to the Michigan Lawyers Weekly Hall of Fame Class… Read More
Read More From Our Press Room

Blog

Aug
7
Governor Gretchen Whitmer recently issued Executive Directive 2020-8 which requires state departments (including the Michigan State Police) and agencies to take cert… Read More
Jul
28
Much has been said about the Paycheck Protection Program and its many benefits for small business owners, but did you know that the Small Business Administration (SB… Read More
Read More From Our Blog