New Hampshire made two moves a decade apart that bracket the permissive model. In 2017, HB 436 exempted persons using virtual currency from the state's money transmission registration, one of the earliest and broadest such exemptions, which combined with the absence of income and sales taxes to make the state a crypto-business host out of proportion to its size. In May 2025, HB 302 made it the first state to authorize its treasurer to invest public funds in digital assets, capped at 5% of designated funds and effectively limited to bitcoin by a $500 billion market-cap floor, with custody standards requiring qualified custodians or US-regulated exchange products.
The instruments
Virtual currency exemption from money transmission
Exempts persons conducting business using transactions in convertible virtual currency from state money transmitter registration, removing the primary state licensing burden for crypto firms operating from New Hampshire.
HB 302: public-fund digital asset investment
Authorizes the treasurer to invest up to 5% of designated public funds in precious metals and digital assets with market capitalization above $500 billion, held via qualified custody or regulated exchange-traded products.