The bill, SB 185, focuses on the licensing and regulation of virtual businesses, specifically those involved in virtual currency activities. It introduces several amendments to existing law, including the deletion of definitions for "coin" and "token," and the addition of definitions for "minting" and "non-fungible token." The bill clarifies that virtual currency business activities do not include mining or minting non-fungible tokens. It also establishes new requirements for applicants, such as submitting a business plan and an investigative background report for those who have resided outside the U.S. in the past decade. Additionally, the bill creates a sunset clause, indicating that the provisions will terminate on July 1, 2025.

One significant change is the requirement for the commissioner to provide biannual reports to the House and Senate Committees on Commerce, detailing various statistics related to licensing applications and fees. The effective date of the bill has been changed from August 1, 2023, to the date of the governor's signature. The bill retains existing requirements for quarterly financial reports and the examination of records, while also enhancing compliance measures for licensees. Overall, SB 185 aims to strengthen the regulatory framework for virtual currency businesses while ensuring transparency and accountability in their operations.

Statutes affected:
SB185 Original: 6:1863(C)(5)
SB185 Engrossed: 6:1383(C)(5)
SB185 Reengrossed: 6:1383(C)(5)
SB185 Enrolled: 6:1383(C)(5)
SB185 Act 331: 6:1383(C)(5)