Substitute House Bill No. 7082, also known as Public Act No. 25-66, revises the state's money transmission statutes with a focus on virtual currency and minors' money-sharing application accounts. The bill repeals Section 36a-596 and introduces new definitions, including "digital wallet" and "money transmission," which now encompasses digital wallets and mobile applications. It also clarifies terms related to virtual currency transactions, such as "existing customer," "new customer," and "passive investor." Several definitions have been deleted or renumbered to streamline the language, enhancing clarity in the context of money transmission and virtual currency. The bill aims to modernize the regulatory framework and improve consumer protection in this evolving sector.

Additionally, the bill outlines the responsibilities of licensees engaged in virtual currency transactions, mandating clear disclosures about transaction risks and requiring customer acknowledgment of these disclosures. It prohibits licensees from using customer-held virtual currency without direction and establishes maximum transaction limits while emphasizing customer identification and support. The legislation also includes provisions for virtual currency kiosks, requiring compliance measures and the designation of a chief compliance officer. Notably, it restricts state acceptance of virtual currency for payments and investments, effective October 1, 2025. Overall, the bill seeks to enhance regulatory oversight and consumer protection in the digital financial landscape.

Statutes affected:
Raised Bill:
BA Joint Favorable:
File No. 318:
File No. 933:
Public Act No. 25-66: