Alerts4.21.22
California DFPI: Virtual Currency Platform Activity is Not Money Transmission
Certain virtual currency and digital asset exchange services were not considered Money Transmission in the state of California
Responding to a request for guidance regarding California’s Money Transmitter laws, the California Department of Financial Protection and Innovation (DFPI) determined that a digital asset trading platform that supports both the purchase and sale of digital assets as well as the exchange of cryptocurrencies was not a Money Transmitter under the California Money Transmission Act (MTA).
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