On June 27, the governor of Pennsylvania approved a new law, SB 202, amending the state’s money transmitter act, which provides for the regulation of money transmission for a fee either via checks or other methods, to also incorporate cryptoasset transactions.
The law requires licensure for those engaged in the money transmission business of virtual currencies for a fee, except for self-hosted wallets in which the user has direct control of the records and makes transactions using that wallet on their own. The law will also exclude rewards programs and online game tokens from its definition of virtual currency. The act will go into effect 60 days following enactment.
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