Digital currency ATMs are often exempted, and a opinion letter exempted a peer-to-peer digital currency transaction platform from money transmission licensing.Ĭolorado’s 2018 interim guidance requires licensing as a money transmitter when using digital currency as a payment system.Ī money transmitter license is required when transmitting digital currency, seeĬonn. The DFPI regularly provides no-action letters regarding digital currency businesses on its website .
The Department of Financial Protection and Innovation has not decided whether to regulate digital currency transmission under California’s Money Transmission Act, see DFPI Statement re: Coinbase (Jan. However, Arkansas has provided “no-action” letters to digital asset-issuing businesses freeing them from money transmission licensing requirements, e.g., In re Mythical, Inc. (June 22, 2020) (video game internal currency) In re River Financial, Inc. (May 21, 2020) (selling own reserves of Bitcoin) § 23-55-102(12)(A), and allows investment in virtual currency by money transmitters A.C.A. While the definition does not specifically apply to digital currency, exchanges Coinbase and Binance interpret it to require them to acquire Arizona money transmitter licenses.Īrkansas’s definition of money transmission expressly includes virtual currency A.C.A. The definition of a money transmitter is found at Ariz. § 06.55.990(15) defines money services as, “selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission.” The Alaska Division of Banking and Securities states, “ompanies dealing with fiat and virtual currencies (cryptocurrencies) must apply for a money transmitter license, then enter into a Limited Licensing Agreement (LLA) with the State of Alaska.” “Monetary value” means a medium of exchange, including virtual or fiat currencies, whether or not redeemable in money. While many states regulate virtual currency under existing money transmitter rules, specific cryptocurrency laws and regulations vary state-by-state.Ī license is required for selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission.
What are the cryptocurrency laws by state?
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