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Code · Minnesota · Chapter 53

53B.71 VIRTUAL CURRENCY BUSINESS ACTIVITY; CONDITIONS PRECEDENT.

90 words·~1 min read·/mn/chapter-53/53b-71

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53B.71 VIRTUAL CURRENCY BUSINESS ACTIVITY; CONDITIONS PRECEDENT.
(a)A person may not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency business activity, with or on behalf of another person unless the person is:
(1)licensed in Minnesota by the commissioner under section 53B.40 ; or
(2)exempt from licensing under section 53B.29 .
(b)A person that is licensed to engage in virtual-currency business activity is engaged in the business of money transmission and is subject to the requirements of this chapter.
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