Signed by Governor Ned Lamont

Vote Smart's Synopsis:

Vote to pass a bill that amends virtual currency and money transmission regulations in Connecticut and redefine terms in the process.

Highlights:

• Defines "permissible investment" and defines "receipt" in the money transmission statutes (Sec. 1). 

• Requires money transmission licensees to maintain a plan and accounting regarding winding down operations and to meet certain conditions in order to terminate such licensees' businesses (Sec. 1). 

• Establish a maximum fee that owners or operators of virtual currency kiosks may charge for a specific service and eliminate a certain requirement for customers to cancel and receive a refund for certain virtual currency transactions (Sec. 1).  

• Require money transmission licensees, or such licensees' authorized delegates, to provide receipts to senders (Sec. 1). 

• Specifies that specify that the Banking Commissioner may adopt, amend and rescind regulations, forms and orders governing the business use of nonfungible tokens. (Sec. 1).

Full Bill Text