Regulatory Alerts2014-01-01
Regulatory Treatment of Virtual Currencies Under the Kansas Money Transmission Act
The Kansas Office of the State Bank Commissioner issued this guidance to clarify that virtual currencies are not considered money or monetary value under the Kansas Money Transmission Act. Consequently, direct peer-to-peer exchanges and transfers of cryptocurrency do not require a state license, whereas transactions involving third-party intermediaries or sovereign currency generally constitute money transmission. Entities engaging in licensed money transmission activities involving virtual currencies must comply with standard licensing requirements and submit third-party security audits for their information systems.
Share