Pennsylvania’s uncommitted position on cryptocurrencies is surprising, considering that it heavily regulates and taxes gambling. However, lawmakers can change this position at any time. These conditions suggest the government of Pennsylvania is allowing crypto companies the regulatory freewill to function as they like. The DoBS then stretches this explanation to crypto ATMs and kiosks as they also do not transfer fiat. The document also states that the MTL does not apply to crypto companies because while they facilitate crypto trading, they do not transmit fiat currency. 1201(b)(24) define money as “lawful money of the United States,” and “a medium of exchange currently authorized or adopted by a domestic or foreign government.” Since crypto is not lawfully accepted as legal tender at the state and federal levels, the DoBS took the back seat. The guidance that Pennsylvania law’s definition of money does not cover cryptocurrencies, and as such, these entities do not require a Money Transmitter License (MTL) to operate.īoth 1 Pa. The Pennsylvania Department of Banking and Securities (DoBS) published a document in 2019 in response to inquiries from companies operating virtual currency exchanges.
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