The proposed bill amends the Money Transmission Business Licensing Law to include regulations for the transmission of virtual currency alongside traditional money transmission methods. Key changes include the addition of "virtual currency" to the title of the act and the definitions section, which now specifies what constitutes virtual currency and outlines its exclusions. The bill also introduces a new short title, the "Money Transmission and Virtual Currency Transmission Business Licensing Law," and expands the licensing requirements to encompass virtual currency transmission, mandating that individuals or entities must obtain a license from the Department of Banking and Securities before engaging in such activities.

Additionally, the bill modifies existing provisions regarding the qualifications for obtaining a license, including the requirement for a tangible net worth of at least $500,000, as determined by audited financial statements. It also emphasizes the financial responsibility and integrity of applicants and licensees, ensuring that they operate in a lawful and fair manner. The bill further clarifies the liability of licensees for payments related to both money and virtual currency transactions, and it establishes specific requirements for agents involved in these transactions. Overall, the amendments aim to create a comprehensive regulatory framework for both money and virtual currency transmission businesses in Pennsylvania.

Statutes/Laws affected:
Printer's No. 913 (Mar 11, 2025): P.L.490, No.249
Printer's No. 1461 (Apr 22, 2025): P.L.490, No.249
Printer's No. 0913: P.L.490, No.249