Indiana HB1217 regulates payment stablecoins, requiring licensing and oversight by the Department of Financial Institutions.

HB1217 establishes a regulatory framework for payment stablecoins in Indiana, administered by the Department of Financial Institutions. The bill mandates that only licensed entities can issue payment stablecoins, with licensing criteria including financial soundness and anti-money laundering measures. It outlines procedures for application review, including appeals for denied applications. Licensed issuers must comply with federal regulations and submit annual certifications. The bill also sets civil and criminal penalties for violations, including fines and imprisonment.

Indiana HB1217 regulates payment stablecoins, requiring licensing and oversight by the Department of Financial Institutions.

HB1217 establishes a regulatory framework for payment stablecoins in Indiana, administered by the Department of Financial Institutions. The bill mandates that only licensed entities can issue payment stablecoins, with licensing criteria including financial soundness and anti-money laundering measures. It outlines procedures for application review, including appeals for denied applications. Licensed issuers must comply with federal regulations and submit annual certifications. The bill also sets civil and criminal penalties for violations, including fines and imprisonment.