Pennsylvania SB202 amends the Money Transmission Business Licensing Law to include virtual currency transmission, defining new terms and setting.
Pennsylvania SB202 amends the Money Transmission Business Licensing Law to include virtual currency transmission, defining new terms and setting requirements for licensing and operation. The bill requires a license for transmitting money or virtual currency for a fee, with exemptions for certain financial institutions. Licensees must meet financial requirements, including a net worth of at least $500,000 and a bond of $1,000,000. Agents must be registered, and licensees must operate safely and comply with federal and state laws.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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