AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND ECONOMIC GROWTH BLOCKCHAIN ACT

HB 5564 establishes a regulatory framework for blockchain technology and digital assets in Rhode Island to support economic growth. It creates special "depository banks" authorized to safely handle digital assets and virtual currency, addressing current banking access barriers for blockchain innovators. The bill also mandates a "regulatory sandbox" allowing tech companies to test new products under flexible rules while complying with anti-money laundering and customer identification requirements. This directly affects blockchain businesses, financial institutions, and state agencies by enabling secure digital record-keeping and fostering new business opportunities in the technology sector.