Pennsylvania Regulator Deems Virtual Currency Trading Platforms are not Money Transmitters

February 04, 2019

The Pennsylvania Department of Banking and Securities (DoBS) published on January 23, 2019 interpretive guidance in which the DoBS indicates that virtual currency is not “money” and that certain virtual currency exchanges are not “money transmitters” under the Commonwealth’s Money Transmitter Act (the Act). As a result, a virtual currency trading platform that operates in the manner described in the guidance and provides services to persons located in Pennsylvania would not need to register as a money transmitter with the DoBS.

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