Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 289 First Substitute (2023GS)

Sponsor

Rep. Lee, T.

Final action

House/ to Governor 3/13/2023

Outcome

House/ to Governor

Summary

What it does

• This bill:
• defines terms;
• creates the Noncustodial Blockchain Registry (registry) within the Utah Office of Regulatory Relief (office);
• describes registry application and renewal requirements;
• requires the office to issue a certificate of registration after placing an applicant on the registry;
• provides administrative rulemaking authority; and
• makes technical and conforming changes.

Every vote on this bill

Bill text

BLOCKCHAIN PROVIDER REGISTRATION
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Trevor Lee
Senate Sponsor: 
____________
LONG TITLE
General Description:
This bill creates the Noncustodial Blockchain Registry.
Highlighted Provisions:
This bill:
▸ defines terms;
▸ creates the Noncustodial Blockchain Registry (registry) within the Utah Office of
Regulatory Relief (office);
▸ describes registry application and renewal requirements;
▸ requires the office to issue a certificate of registration after placing an applicant on
the registry;
▸ provides administrative rulemaking authority; and
▸ makes technical and conforming changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
ENACTS:
63N-16-401
, Utah Code Annotated 1953
63N-16-402
, Utah Code Annotated 1953
63N-16-403
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
63N-16-401
 is enacted to read:
Part 4. Noncustodial Blockchain Registry
 63N-16-401.
Definitions.
(1) "Blockchain" means the same as that term is defined in Section 
7-25-102
.
(2) "Blockchain company" means an entity that uses blockchain technology to facilitate
financial transactions between users.
(3) "Blockchain token" means the same as that term is defined in Section 
7-25-102
.
(4) "Noncustodial blockchain company" means a blockchain company that does not
have possession or control of a user's blockchain token.
(5) "Registry" means the Noncustodial Blockchain Registry described in Section
63N-16-402
.
(6) "User" means a person who engages in a financial transaction through a blockchain
company.
Section 2. Section 
63N-16-402
 is enacted to read:
 63N-16-402.
Noncustodial Blockchain Registry -- Contents -- Rulemaking.
(1) The regulatory relief office shall maintain a Noncustodial Blockchain Registry that
lists noncustodial blockchain companies conducting business in the state.
(2) For each registered noncustodial blockchain company, the regulatory relief office
shall include on the registry:
(a) the name of the noncustodial blockchain company;
(b) the noncustodial blockchain company's authorized agents in the state, if any; and
(c) the date the noncustodial blockchain company is placed on the registry.
(3) The regulatory relief office may make rules in accordance with Title 63G, Chapter
3, Utah Administrative Rulemaking Act, to administer the registry.
Section 3. Section 
63N-16-403
 is enacted to read:
 63N-16-403.
Registry application -- Certificate -- Removal -- Notice.
(1) (a) Subject to Subsection (1)(b), an applicant for placement on the registry shall
provide to the regulatory relief office an application in a form prescribed by the regulatory
relief office.
(b) The application shall include:
(i) a place for the name of the applicant, including any trade name used by the
applicant in the conduct of the applicant's business;
(ii) a place for a description of the activities conducted by the applicant in the state;
(iii) a place for the applicant to list the applicant's authorized agents in the state, if any;
(iv) a description of general noncustodial blockchain company activities;
(v) a place for the applicant to acknowledge that the applicant is a noncustodial
blockchain company; and
(vi) a statement notifying the applicant that the applicant will be removed from the
registry if the applicant ceases to operate as a noncustodial blockchain company.
(2) Upon receipt of a completed application, the regulatory relief office shall:
(a) place the applicant on the registry; and
(b) issue a certificate of registration to the applicant.
(3) (a) After issuance of a certificate under Subsection (2), the regulatory relief office
shall include the noncustodial blockchain company on the registry unless, in accordance with
Subsection (4), the noncustodial blockchain company:
(i) requests removal from the registry in writing; or
(ii) notifies the regulatory relief office that the noncustodial blockchain company is no
longer functioning as a noncustodial blockchain company.
(b) Upon receipt of a request or notice described in Subsection (4), the regulatory relief
office shall remove the noncustodial blockchain company from the registry.
(4) A registered noncustodial blockchain company:
(a) shall immediately provide written notice to the regulatory relief office upon ceasing
to operate as a noncustodial blockchain company; and
(b) may request removal from the registry in writing.