FIRSTREGULARSESSION
HOUSECOMMITTEESUBSTITUTEFOR
HOUSEBILLNO.1136
103RDGENERALASSEMBLY
1102H.02C JOSEPHENGLER,ChiefClerk
ANACT
Toamendchapter362,RSMo,byaddingtheretofournewsectionsrelatingtothedigital
assetsauthorizationact.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Chapter362,RSMo,isamendedbyaddingtheretofournewsections,to
2beknownassections362.1125,362.1126,362.1127,and362.1128,toreadasfollows:
362.1125.1.Sections362.1125to362.1128shallbeknownandmaybecitedas
2the"DigitalAssetsAuthorizationAct".
3 2.Asusedinsections362.1125to362.1128,thefollowingtermsmean:
4 (1)"Blockchain",datathatissharedacrossanetworktocreatealedgerof
5verifiedtransactionsorinformationamongnetworkparticipantslinkedusing
6cryptographytomaintaintheintegrityoftheledgerandtoexecuteotherfunctions
7anddistributedamongnetworkparticipantsinanautomatedfashiontoconcurrently
8updatenetworkparticipantsonthestateoftheledgerandanyotherfunctions;
9 (2)"Blockchainprotocol",anexecutablesoftwaredeployedtoablockchain
10composedofsourcecodethatispubliclyavailableandaccessible,includingasmart
11contractoranetworkofsmartcontracts;
12 (3)"Decentralized",asystemornetworkwherenosingleentity,includinga
13publicorprivateentity,holdsunilateralcontroloverthegovernance,transactions,or
14maintenanceoftheledgerandinwhichconsensusisachievedthroughadistributed
15networkofparticipants;
16 (4)"Digitalasset",adecentralizedvirtualcurrency,cryptocurrency,native
17electronicassetincludingadecentralizedstablecoinornonfungibletoken,oranyother
18digital-onlyassetthatconferseconomic,proprietary,oraccessrightsorpowers.The
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 19termdoesnotincludeacentralbankdigitalcurrencyoranyothergovernment-
20controlleddigital-onlyasset;
21 (5)"Hardwarewallet",aphysicaldevicethatisnotcontinuouslyconnectedto
22theinternetandallowsanindividualtosecureandtransferadigitalassetandunder
23whichtheownerofthedigitalassetretainsindependentcontroloverthedigitalasset;
24 (6)"Node",acomputationaldevicethatcontainsandupdatesacopyofa
25blockchain;
26 (7)"Publicinformation",anyinformation,regardlessofformorformat,thata
27departmentorpoliticalsubdivisionofthestateofMissouridiscloses,disseminates,or
28makesavailabletothepublic;
29 (8)"Self-hostedwallet",adigitalinterfaceusedtosecureandtransferadigital
30assetandunderwhichtheownerofthedigitalassetretainsindependentcontroloverthe
31digitalasset.
362.1126.1.ThestateofMissourioramunicipalityshallnotprohibit,restrict,
2orotherwiseimpairtheabilityofanindividualorbusinesstodoeitherofthefollowing:
3 (1)Acceptdigitalassetsasamethodofpaymentforlegalgoodsandservices;or
4 (2)Maintainself-custodyofadigitalassetusingaself-hostedwalletorhardware
5wallet.
6 2.ThestateofMissourioramunicipalityshallnotimposeanyadditionaltax,
7withholding,assessment,orchargeonadigitalassetthatisbasedsolelyontheuseofthe
8digitalassetasamethodofpaymenttopurchaselegalgoodsorservices.Nothinginthis
9subsectionshallbeconstruedtoprohibitthestateoramunicipalityfromimposingatax,
10withholding,assessment,orchargeonadigitalassetforapurchaseifthetax,
11withholding,assessment,orchargewouldotherwisebeimposedforthepurchase
12throughtheuseoflegaltenderoftheUnitedStates.
362.1127.1.Itshallbelawfulinthisstatetooperateanodeforthefollowing
2purposes:
3 (1)Connectingtoablockchainprotocoloraprotocolbuiltontopofa
4blockchainprotocol;or
5 (2)Transferringadigitalassetonablockchainprotocol.
6 2.ItshallbelawfulforthestateofMissouri,itsdepartments,andallpolitical
7subdivisionsthereintostore,present,utilize,andmaintainpublicinformationona
8domesticblockchainprotocol.
362.1128.Nothinginsections362.1125to362.1128shallbeconstruedtooverride
2orlimittheapplicabilityofanyofthefollowing:
3 (1)Chapter400,relatingtocommercialcode,includingprovisionsregarding
4transferrableelectronicrecords;
HCSHB1136 2 5 (2)Sections472.400to472.490,relatingtouniformfiduciaryaccesstodigital
6assets;
7 (3)Sections361.900to361.1035,relatingtotheMissourimoneytransmission
8modernizationact;
9 (4)Anyotherstatelawprovidingforthelicensingandregulationofvirtual
10currencybusinessesandtheprotectionofvirtualcurrencybusinesscustomers;or
11 (5)Anystatelaworregulationthatrequiresthereportinganddisclosureof
12informationregardingsuspectedorattemptedfinancialexploitationorfraud.
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HCSHB1136 3