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

Collecting Cryptocurrency Information from Participants in Vermont

Based on the provided context documents, Vermont law does not have specific requirements regarding the collection of cryptocurrency information from participants [2.2]. However, financial institutions in Vermont are required to provide privacy notices that disclose the categories of nonpublic personal information that they collect and disclose, as well as the categories of affiliates and nonaffiliated third parties to whom they disclose nonpublic personal information [2.2].

If the cryptocurrency information collected falls under the definition of nonpublic personal information, then it must be disclosed in the privacy notice. Additionally, financial institutions must comply with federal and state laws regarding the protection of nonpublic personal information, including the federal Right to Financial Privacy Act of 1978 [1.1].

There are exceptions to the opt-in requirements for disclosure of nonpublic personal information for service providers and joint marketing [2.1][1.2]. The opt-in requirements do not apply when a financial institution provides nonpublic personal information to a nonaffiliated third party to perform services for the financial institution or functions on the financial institution’s behalf, if the financial institution provides the initial notice in accordance with Section 5, enters into a contractual agreement with the third party that prohibits the nonaffiliated third party from disclosing or using the information other than to carry out the purposes for which the financial institution disclosed the information, including use under an exception in Sections 15 or 16 in the ordinary course of business to carry out those purposes, and for joint agreements for marketing, provides only the consumer’s name, contact information, and own transaction and experience information within the meaning of the federal Fair Credit Reporting Act [2.1][1.2].

It is recommended that you consult with a legal professional to ensure that your collection of cryptocurrency information complies with all applicable laws and regulations.

Therefore, the answer to your query is that Vermont law does not have specific requirements regarding the collection of cryptocurrency information from participants. However, financial institutions must comply with federal and state laws regarding the protection of nonpublic personal information and disclose the categories of nonpublic personal information that they collect and disclose in their privacy notices. There are exceptions to the opt-in requirements for disclosure of nonpublic personal information for service providers and joint marketing.

Source(s):
Jurisdiction

Vermont