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PA HB881
Bill
Status
4/23/2025
Primary Sponsor
Scott Conklin
Click for details
AI Summary
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Amends Pennsylvania's Money Transmission Business Licensing Law to add "virtual currency" transmission to the regulatory framework, requiring businesses transmitting virtual currency for fees to obtain a license from the Department of Banking and Securities
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Defines "virtual currency" as a digital representation of value used as a medium of exchange, unit of account, or store of value, excluding merchant rewards programs and in-game digital currencies
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Exempts self-hosted wallets from licensing requirements unless the user transmits virtual currency as a third-party service for a fee on behalf of another individual
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Maintains existing licensing requirements including minimum $500,000 tangible net worth (determined by audited financials) and $1,000,000 surety bond, now applicable to both money and virtual currency transmitters
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Takes effect 60 days after enactment
Legislative Description
Further providing for title of act and for definitions; providing for short title; and further providing for license required, for exemptions, for qualifications for a license, for fee, financial statement and security, for liability of licensees, for licensee requirements and for agents.
Last Action
Referred to Banking & Insurance
4/28/2025