On Apr. 20, PEN DBS issued statement of policy on money definition.
PEN DBS issued statement of policy to include virtual currency in the definition of money within the Money transmission business licensing law or Money transmitter act.
Virtual Currency Policy
Clarifies PEN DBS's interpretation of term money in act to include virtual currency.
PEN DBS includes virtual currency under its interpretation of money' because virtual currency is a product that is generally recognized as a medium of exchange.
In practice, this means PEN DBS has expectations of all persons engaged in business of transmitting virtual currency by means of a transmittal instrument for a fee.
They must obtain a license from the Department, if they have not yet done so.
Applications for licenses to transmit virtual currency may be completed in National Multistate Licensing System and Registry, same as all other money transmitter licenses
Effectiveness
Statement of policy shall take effect Oct. 15, 2024.
