Vermont § 2572 - Exemptions

§ 2572. Exemptions

• (a) This subchapter shall not apply to the exchange or transfer of virtual currency, or
  to virtual-currency storage or virtual-currency administration, by a person to the
  extent that the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a–78oo, as may be amended, or the Commodities Exchange Act of 1936, 7 U.S.C. §§ 1–27f, as may be amended, govern such activity and the person is conducting such activity
  in compliance with all applicable requirements of such laws and any regulations promulgated
  thereunder. (b) This subchapter shall not apply to activity by: (1) a person that: (A) provides only data storage or security services for a business engaged in virtual-currency
  business activity and does not otherwise engage in virtual-currency business activity
  on behalf of another person; or (B) provides only to a person otherwise exempt from this chapter virtual currency as one
  or more enterprise solutions used solely among each other and has no agreement or
  relationship with a person that is an end-user of virtual currency; (2) a person using virtual currency, including creating, investing, buying or selling,
  or obtaining virtual currency as payment for the purchase or sale of goods or services,
  solely on its own behalf for personal, family, or household purposes or for academic
  purposes; (3) a person whose virtual-currency business activity with or on behalf of persons is
  reasonably expected to be valued, in the aggregate, on an annual basis at $5,000.00
  or less, measured by the U.S. dollar equivalent of virtual currency; (4) a securities intermediary, as defined in 9A V.S.A. § 8-102, or a commodity intermediary, as defined in 9A V.S.A. § 9-102, that: (A) does not engage in the ordinary course of business in virtual-currency business activity
  with or on behalf of a person in addition to maintaining securities accounts or commodities
  accounts and is regulated as a securities intermediary or commodity intermediary under
  federal law, law of this State other than this chapter, or law of another state; and (B) affords a person protections comparable to those set forth in section 2575 of this
  subchapter; (5) a person that is engaged in testing products or services with the person’s own funds. (c) The Commissioner may determine that other persons or classes of persons, given facts
  particular to the person or class, are exempt from this chapter, when the person or
  class is covered by requirements imposed under federal law on business engaged in
  money services and the Commissioner determines that no additional requirements are
  necessary to ensure the protection of the public. (Added 2023, No. 110 (Adj. Sess.), § 48, eff. July 1, 2024.)