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, replacing it with updated definitions effective October 1, 2025, 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 introduces "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 further amends regulations for licensees engaged in money transmission, particularly regarding permissible investments and consumer protection. Licensees must maintain investments equal to their outstanding money transmissions and hold an equivalent amount of virtual currency owed to customers. It mandates clear disclosures about the risks of virtual currency transactions and requires licensees to provide detailed transaction information to customers. Additionally, the bill establishes protocols for handling requests from minors regarding money-sharing accounts, ensuring secure methods for submission and authentication of requests. Overall, the legislation aims to modernize the regulatory framework, enhance consumer protection, and ensure compliance in the evolving landscape of digital financial services.

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