HB0019 – Wyoming Money Transmitter Act-virtual currency exemption

Phone: 650.723.2465
Fax: 650.725.0253

Type: Regulation
Date: 03/07/2018
Agency: Wyoming Legislature
Jurisdiction: United States Wyoming
Type of Law: State
Status: Existing
Official URL: External link

According the the summary provided by the Legislative Service Office:

Under current law, any person (or entity) engaged in the business of money transmission must be licensed under the Wyoming Money Transmitters Act (WMTA). Money transmission includes selling or issuing payment instruments or stored value and receiving money or monetary value for transmission to another location. Monetary value includes any medium of exchange whether or not redeemable in money, and has been interpreted to include virtual currencies. The WMTA requires each licensee to possess cash or other investments of not less than the face amount of all outstanding payment instruments issued or sold by the licensee.

This act specifically exempts virtual currencies from the WMTA. This exemption will allow entities that buy, sell, issue or have custody of payment instruments or stored value in the form of virtual currency or which receive virtual currency for transmission to another location to operate in Wyoming without a license under the Wyoming Money Transmitters Act.

This act defines virtual currency to mean any type of digital representation of value that is used as a medium of exchange, unit of account, or store of value that is not otherwise recognized as legal tender by the United States government.