Effective Oct. 1, 2024 any person owning, operating, marketing, or advertising virtual currency is deemed a money transmitter and is subject to holding a lawful license.
Once licensed, must maintain a detailed plan and accounting to wind down its money transmission operations in the case of bankruptcy, revocation or voluntary dissolution.
Must show minimum net worth and reserves can repay debts and accounts payable.
Give detailed instructions to customers outlining steps to withdraw funds upon request.
Provide a warning disclosure that losses due to fraudulent or accidental transactions may not be recoverable and virtual currency transactions or frauds are irreversible.
Add nonfungible tokens to list of crypto products, including virtual currencies and stablecoins that the State Commissioner may adopt, amend, and rescind regulations.
Legislative History
On Feb. 22, 2024, bill introduced in the House; on May 3, 2024, bill passed the House.
On May 3, 2024, bill was introduced in Senate; on May 8, 2024, bill passed in Senate.
On May 22, 2024, bill assigned Public Act 24-166; on May 31, transmitted to governor.
Effectiveness
Once approved, Connecticut House bill HB 5211 becomes effective Tues., Oct. 1, 2024.
Jun. 2024 CT LEG Governor Approved Bill
On Jun. 6, 2024, CT LEG reported governor signed bill into law, effective Oct. 1, 2024.
