Another Sweeping State Virtual Currency Law

Law360, New York (July 9, 2015, 10:39 AM EDT) -- Over the past year, several state banking agencies have been empowered to regulate companies that transmit "virtual currencies," such as bitcoin. On June 19, the Connecticut Department of Banking was added to the list of virtual currency regulators when Gov. Dannel Malloy signed Substitute House Bill Number 6800.

This new statute amends Connecticut's Money Transmission Act by requiring businesses that transmit virtual currency to comply with the act and to cease operations unless they first obtain a license from the Department of Banking. This regulation will impact a variety of financial technology companies, including companies that transmit bitcoin from online wallets...

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