Sentences with phrase «conducting virtual currency businesses»

The draft also allows for a bit of flexibility; provisional registrants are defined as those who register with their states to conduct virtual currency business but do not conduct business in such great volume as to be licensed, nor a low enough volume to be considered exempt.

Not exact matches

However, it exempts «persons conducting business using transactions conducted in whole or in part in virtual currency» from having to obtain a state money transmitter license.

Or, almost no one: «The license is not required for merchants or consumers that utilize Virtual Currency solely for the purchase or sale of goods or services; or those firms chartered under the New York Banking Law to conduct exchange services and are approved by DFS to engage in Virtual Currency business activity.»

HB436, first filed in mid-January, aims to create an exception from money transmission requirements for «persons conducting business using transactions conducted in whole or in part in virtual currency».

2A Virtual Currency Exchange is defined as an entity that conducts any of the following businesses (according to the Payment Services Act, Article 2, Section 7)

The regulatory change will address, among others, anyone conducting business with virtual currencies, including maintaining control of virtual currency on behalf of others.