Category: MoneyTransmission

GAO releases fintech report

In April, the Government Accountability Office (GAO), an independent agency that oversees government spending, released a report on fintech to help Congress better understand the industry. The report focused on the subsectors of marketplace lending, mobile payments, digital wealth management, and distributed ledger technology. Congressional staffers responsible for drafting legislation […]

Vermont changes money transmitter law to formally include virtual currency

On May 1, Vermont changed its money transmitter law to allow companies to hold virtual currency as a permissible investment. Vermont has long held the position that the business of money transmission “includes selling bitcoin and other virtual currencies.” Many digital currency companies with state money transmitter licenses must hold […]

Arkansas to passport money transmitter licenses?

Any company running a payments business has come across one major hurdle in the US:  state money transmitter law. Over 45 jurisdictions within the US regulate money transmission, broadly defined as engaging as a business in the acceptance and transmission of funds. Naturally, enterprising lawyers have discovered ways to avoid […]