Pennsylvania HB881 amends the Money Transmission Business Licensing Law to include virtual currency transmission and renames it the Money.
Pennsylvania HB881 amends the Money Transmission Business Licensing Law to include virtual currency transmission and renames it the Money Transmission and Virtual Currency Transmission Business Licensing Law. It requires a license for transmitting money or virtual currency for a fee, with exemptions for certain banking institutions and business-to-business transactions. Licensees must meet financial requirements, including a tangible net worth of at least $500,000 and a bond of $1,000,000. Agents must be appointed via written agreements and are subject to the control of the licensee.
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