§ 19-14.3-3.6. Property interests and entitlements to virtual currency.
(a) A licensee that has control of virtual currency for one or more persons shall maintain in its control an amount of 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 subsection (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; and
(3) Not subject to the claims of creditors of the licensee.
History of Section.P.L. 2019, ch. 226, § 4; P.L. 2019, ch. 246, § 4.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.3 - Currency Transmissions
Section 19-14.3-1. - Exemption from licensing.
Section 19-14.3-1.1. - Definitions.
Section 19-14.3-1.2. - License by reciprocity.
Section 19-14.3-1.3. - Cooperation and data-sharing authority.
Section 19-14.3-2. - Securities in lieu of bonds.
Section 19-14.3-3. - Liability of licensees.
Section 19-14.3-3.1. - Record of foreign exchange transactions.
Section 19-14.3-3.3. - Action on bond.
Section 19-14.3-3.4. - Companies exempt from provisions.
Section 19-14.3-3.5. - Required disclosures for virtual currency.
Section 19-14.3-3.6. - Property interests and entitlements to virtual currency.
Section 19-14.3-3.7. - Mandated compliance programs and monitoring.
Section 19-14.3-3.8. - Prohibited acts and practices.