the state's
money transmission rules with a definition for «virtual currency.»
BitLicense is necessary because «state
money transmission rules date back to the Civil War when there was barely mass communication, let alone the Internet,» he said, adding that «digital currency was unlike anything we had ever seen.»
Not exact matches
Currently, cryptocurrencies are governed by state
rules surrounding
money transmission services.
An authority on payments and consumer financial services compliance, Barrie focuses on three areas at the cross-section of the fintech space: consumer - facing financial and banking, regulatory counseling and investigations, payment card industry, including brand operating
rules and data security standards;
money transmission; and prepaid card access on behalf of leading merchants, payment processors and industry vendors.
The
Rule defines the term «
money transmitter» to include a person that provides
money transmission services, or any other person engaged in the transfer of funds.
These fall outside of current frameworks and if regulation exists at all it is simply state
rules established for
money transmission services.