Regulatory Alerts2011-01-01
Virtual Currency Transmission in South Dakota
The South Dakota Division of Banking issued a memorandum declaring that virtual currencies constitute monetary value under state law, thereby requiring entities transmitting such assets to obtain a money transmitter license. This directive mandates that existing South Dakota money transmitters engaging in virtual currency activities must update their Nationwide Multi-State Licensing Service and Registry profiles to list this business activity. Additionally, these entities are required to complete the virtual currency sections of the Money Service Business Call Report on a quarterly basis.
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