Cryptocurrency issuers should be wary of regulatory scrutiny

By Lisa Lanham, Peter Hardy and Andrew D’Aversa (August 22, 2022, 5:52 p.m. EDT) – On July 20, the Connecticut Department of Banking issued a consumer and industry advisory on money transmission.[1]

In it, the ministry states that “the money transmission industry is changing rapidly” and warns of the “significant disruption to traditional money transmission systems” caused by “the increased use of technology to enable immediate payment mechanisms” and “the explosion of virtual currency.”

Seemingly in response to a noted increase “in the number of entities engaged in unlicensed money transmission activities” – particularly internet transmission services and virtual currency companies – the advisory ends with a warning: the Unlicensed transmission entails the risk of…

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