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PA SB202
Bill
Status
6/27/2025
Primary Sponsor
Chris Gebhard
Click for details
AI Summary
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Expands Pennsylvania's Money Transmission Business Licensing Law to include virtual currency transmission, requiring businesses that transmit virtual currency for a fee 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 wallet holder transmits virtual currency as a third-party service for a fee on behalf of another individual
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Requires licensees to maintain a minimum tangible net worth of $500,000 (verified by audited financials), post a $1 million surety bond, and comply with federal financial recordkeeping and anti-money laundering laws under 12 U.S.C. Ch. 21 and 31 U.S.C. Ch. 53
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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
Act No. 7 of 2025
6/27/2025