State regulator unveils model money transmission law

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By Elise Hansen (September 10, 2021, 5:48 p.m. EDT) – A conference of state banking regulators has released a model law for money issuers that addresses fiat and virtual currency transmission, digital wallet services and the sale of prepaid cards, among other items, in an attempt to unify the state’s demands for a growing industry.

The Conference of State Bank Supervisors on Thursday released the Uniform Money Transmission Modernization Law with the aim of unifying and streamlining disparate state regimes. The CSBS is a national organization of US state banking regulators; Washington DC; Guam; Porto Rico; American Samoa; and the US Virgin Islands.

The Model Law includes provisions defining virtual currency, describing …

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