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

Based on the context documents, there are no specific regulations regarding the collection of cryptocurrency information from participants in Minnesota. However, there are cybersecurity and data protection requirements that must be followed by MNvest issuers and portal operators when collecting and storing purchasers’ financial and personal information [1.1].

If you plan to collect cryptocurrency information from participants in Minnesota, you must ensure that you have a written cybersecurity policy in place that outlines your policies and procedures for protecting purchasers’ financial and personal information. You must also take reasonable steps to prevent cybersecurity attacks and data breaches, respond to any cybersecurity attacks or data breaches that occur, and demonstrate your implementation of the written cybersecurity policy. Additionally, you must comply with Minnesota Statutes, section 325E.61, and publish your cybersecurity policy on your website with a prominent link to the policy on the homepage [1.1].

There are also records retention requirements for MNvest issuers [1.3]. MNvest issuers must retain records related to MNvest offerings made pursuant to Minnesota Statutes, section 80A.461, for five years after the close of the MNvest offering. Retained records must include a copy of the MNvest notice form and accompanying documents filed with the administrator as part of the MNvest issuer’s initial notice filing, records of all purchaser payments deposited into the escrow impound account, records of all written communications sent to or received from purchasers in a MNvest offering while the offering is ongoing, records of all agreements and compensation arrangements made between the MNvest issuer and the portal operator through which the MNvest issuer’s securities are offered, records of all escrow agreements between the escrow agent, the MNvest issuer, and, if applicable, the portal operator through which the MNvest issuer’s securities are offered, and all records used to establish compliance with Minnesota Statutes, section 80A.461, subdivision 9.

There are also records requirements for devices manufactured, sold, or distributed in Minnesota [2.1]. A licensee must keep records related to the manufacture, sale, or distribution of each gambling device that the licensee owns, sells, or distributes in Minnesota. The licensee must maintain and make these records available for the commissioner’s inspection for three years after the device is sold or otherwise disposed of by the licensee.

There are no specific regulations regarding authorizing new purposes for data collection in Minnesota [3.1].

Please note that this response is based solely on the context documents provided and may not be a comprehensive answer to your question. It is recommended that you consult with a legal professional for specific guidance on collecting cryptocurrency information from participants in Minnesota.

Source(s):
Jurisdiction

Minnesota