We are planning to reintroduce, in the near future, Senate Bill 1320.  This proposal passed the Senate last session unanimously and is supported by the Department of Banking and Securities.
 
Our legislation would require virtual currency transmission to be treated similarly to money transmission under the Money Transmitter Act (MTA). As a result, entities managing the transfer of virtual currency, such as virtual currency exchange companies, would need to meet licensure requirements in the same manner as all other money transmitter licensees.
 
This change will enhance consumer protections related to virtual currency in Pennsylvania. Currently, 26 states regulate virtual currency under their respective money transmitter acts. Our bill will make Pennsylvania the 27th state to do so.
 
We urge you to join us in cosponsoring this bipartisan legislation, which aims to strengthen consumer protection and bring consistency in statute to the treatment of virtual currency transmission.
 

Statutes/Laws affected:
Printer's No. 0134: P.L.490, No.249