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

Based on the provided context documents, there are some requirements to consider when collecting cryptocurrency information from participants in Maine.

Privacy of Consumer Financial Information [2.1]

If the check cashing business or foreign currency exchange business is a financial institution, it shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001).

Registration Applications and Financial Statements [3.1]

Charitable organizations, professional solicitors, professional fund-raising counsel, and commercial co-venturers are required to submit with the application a surety bond, whose expiration date shall not be earlier than November 30th of the following year and whose limit shall be not less than $25,000. Each charitable organization shall include a financial statement covering its most recently audited fiscal year as part of its renewal application. The financial statement must be audited by an accountant licensed by the Maine Board of Accountancy or authorized to practice accounting by the appropriate regulatory body in another jurisdiction.

Therefore, if you plan to collect cryptocurrency information from participants in Maine, it is recommended that you comply with the federal Privacy of Consumer Information regulations if your business is a financial institution. Additionally, if you are a charitable organization, you must include a financial statement covering your most recently audited fiscal year as part of your renewal application. You must also submit a surety bond with your application, whose expiration date shall not be earlier than November 30th of the following year and whose limit shall be not less than $25,000.

In summary, when collecting cryptocurrency information from participants in Maine, it is important to comply with federal Privacy of Consumer Information regulations if your business is a financial institution. If you are a charitable organization, you must include a financial statement and submit a surety bond with your application.

Source(s):
Jurisdiction

Maine