On June 13, 2017, the Illinois Department of Financial and Professional Regulation (“IDFPR”) released guidance outlining its policies with respect to the treatment of digital currencies under the Illinois Transmitters of Money Act (“TOMA”).  The guidance document offers a clear distinction between traditional currencies, which it considers “money,” and digital currencies, which it states are not.  The guidance will be welcomed by Illinois residents who use and accept digital currencies in commercial transactions.

Read our full report on the release on our sister site, The FinTech Update.