Wyoming Amends the Wyoming Money Transmitter Act to Provide an Exemption for Virtual Currency

Wyoming amended the Wyoming Money Transmitter Act to provide an exemption for virtual currency. The bill exempts the “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” from the Wyoming Money Transmitter Act.

“Virtual currency” is defined as 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.

The new legislation can be found in Wyoming Statutes Section 40-22-102 and Section 40-22-104. House Bill 0019.

This will permit cryptocurrency exchanges, such as Coinbase, to operate more easily in Wyoming, while not having to comply with the requirements of the Wyoming Money Transmitter Act.