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Can I collect cryptocurrency information from participants in Illinois? What are the requirements?

Based on the documents provided, here is the response to your query:

Cryptocurrency Information Collection Requirements in Illinois

Illinois law requires financial institutions to keep records of currency transactions involving more than $10,000 and file a report with the Illinois State Police [2.2]. However, there is no specific mention of cryptocurrency in this document.

Illinois law also requires the Department of Commerce and Economic Opportunity to incorporate topics related to blockchain technology and financial technology into its economic development marketing and business support programs [3.1]. However, this document does not provide any specific requirements for collecting cryptocurrency information.

Conclusion

Based on the documents provided, there are no specific requirements for collecting cryptocurrency information from participants in Illinois. However, financial institutions are required to keep records of currency transactions involving more than $10,000 and file a report with the Illinois State Police. If you need more information, you may want to consult a legal expert.

[3.1]: 205 ILCS 725/15

[2.2]: 205 ILCS 685/4

Source(s):
Jurisdiction

Illinois