HB0019 • 2018

Wyoming Money Transmitter Act-virtual currency exemption.

AN ACT relating to trade and commerce; amending the Wyoming Money Transmitter Act to provide an exemption for virtual currency; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Miller
Last action: 2018-03-07
Official status: enrolled
Effective date: 3/7/2018

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2018-03-07 Governor
Governor Signed HEA No. 0001
2018-03-07 LSO
Assigned Chapter Number
2018-03-05 Senate
S President Signed HEA No. 0001
2018-03-05 House
H Speaker Signed HEA No. 0001
2018-03-02 LSO
Assigned Number HEA No. 0001
2018-03-02 Senate
S 3rd Reading:Passed 28-2-0-0-0
2018-03-01 Senate
S 2nd Reading:Passed
2018-02-28 Senate
S COW:Passed
2018-02-23 Senate
S Placed on General File
2018-02-23 Senate
S09 - Minerals:Recommend Do Pass 4-1-0-0-0
2018-02-22 Senate
S Introduced and Referred to S09 - Minerals
2018-02-19 Senate
S Received for Introduction
2018-02-19 House
H 3rd Reading:Passed 60-0-0-0-0
2018-02-16 House
H 2nd Reading:Passed
2018-02-15 House
H COW:Passed
2018-02-14 House
H Placed on General File
2018-02-14 House
H09 - Minerals:Recommend Do Pass 8-1-0-0-0
2018-02-13 House
H Introduced and Referred to H09 - Minerals 59-1-0-0-0
2018-02-09 House
H Received for Introduction
2017-12-18 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0019
Effective
:
Immediately

LSO No.:
18LSO-0063

Enrolled Act No.:
HEA No. 0001

Chapter No.:
3

Prime Sponsor:
Miller

Catch Title:
Wyoming Money Transmitter Act-virtual currency exemption.

Subject:
Virtual currency.

Summary/Major Elements:

Under current law, any person
(or entity)
engaged
in the business of money transmission must be licensed und
er the Wyoming Money Transmitters Act
(WMTA)
. M
oney tran
smission includes selling or issuing payment
instruments or stored value and
receiving money or monetary value for transmission to another location. Monetary value include
s
any medium of exchange
whether or not
redeemable in money
,
and has been interpreted to include virtual curre
ncies
. The
WMTA
requires each licensee to possess cash or other investments of not less than the face amount of all outstanding payment instruments
issued or sold by the licensee.

This act
specifically exempts

virtual currencies from the
WMTA
. This
exemption
w
ill allow entities that buy, sell, issue or have custody of payment instruments or stored value in the form of virtual currency or which receive virtual currency for transmission to another location to operate in Wyoming without a license under the Wyoming
Money Transmitters Act.

This act defines virtual currency to mean any type of digital representation of value that is used as
a
medium of exchange, unit of account, or store of value that is not otherwise recognized as legal tender by the United States government.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill
.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0019

ENROLLED ACT NO. 1,

HOUSE OF REPRESENTATIVES

SIXTY-
FOURTH
LEGISLATURE OF THE STATE OF WYOMING
2018 Budget Session

AN ACT relating to trade and commerce; amending the Wyoming Money Transmitter Act to provide an exemption for virtual currency; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 40
‑
22
‑
102(a) by c
reating a new paragraph (xxii) and
40
‑
22
‑
104(a)(iv), (v) and by creating a new paragraph (vi) are amended to read:

40
‑
22
‑
102
.

Definitions.

(a)

As used in this act:

(xxii)

"Virtual currency" means any type of digital representation of value that:

(A)

Is used as a medium of exchange, unit of account or store of value; and

(B)

Is not recognized as legal tender by the United States government.

40
‑
22
‑
104
.

Exemptions.

(a)

This act shall not apply to:

(iv)

Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States provided that they do not issue or sell payment instruments through authorized delegates or subdelegates who are not banks, bank holding companies, credit unions, building and loan
associations, savings and loan associations, savings banks or mutual banks;
and

(v)

Electronic transfer of government benefits for any federal, state or county governmental agency as defined in Federal Reserve Board Regulation E by a contractor for and on behalf of the United States or any department, agency or instrumentality thereof, or any state or any political subdivisions thereof
;
.

and

(vi)

Buying, selling, issuing, or taking custody of payment instruments or stored value in the form of virtual currency or receiving virtual currency for transmission to a location within or outside the United States by any means.

Section 2
.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk

1