HB 6802: An Act Concerning Virtual Currencies

• Adds definition of "virtual currency" to Connecticut's Money Transmission Act, covering digital units used as medium of exchange or stored value, including centralized, decentralized, and mined currencies, but excluding gaming-only digital units and consumer rewards programs.

• Requires money transmission license applicants to disclose whether their business will include transmission of virtual currency monetary value in their application statement.

• Grants commissioner discretionary authority to deny licenses for virtual currency transmission businesses if the issuance would represent undue risk of financial loss to consumers based on the applicant's business model.

• Authorizes commissioner to impose additional requirements, restrictions, or conditions on virtual currency transmission licenses, including adjustable surety bond amounts calculated to address market volatility.

• Establishes different surety bond requirements for virtual currency businesses versus traditional money transmission (commissioner-determined amount versus fixed dollar amounts of $300,000 to $1,000,000).

• All changes effective October 1, 2015.