Effective January 1, 2020, Rhode Island will join the growing list of states that require entities to obtain a money transmitter license to provide certain services involving cryptocurrency (a.k.a. virtual currency). The Rhode Island General Assembly recently amended the state’s money transmitter law to require licensing for “currency transmission,” which is defined to include “maintaining control of virtual currency or transactions in virtual currency on behalf of others.” Similar to other states, the revised statute defines “control” as “the power to execute unilaterally or prevent indefinitely a virtual currency transaction.”Read More
On May 25, 2018, South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective.
This means that the newly established Money Services Division (the “Division”) within the SC Attorney General’s Office is now accepting applications for licensure to engage in money transmission and currency exchange in that state. Entities that were engaging in such activities in South Carolina as of May 25 had until June 29, 2018 to submit an application. After submission, such entities were able to continue operating while their applications were being reviewed.