Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee approves Money Services Act update to add virtual currency licensing and background checks
Summary
The Senate Insurance & Commerce Committee passed a bill to update Arkansas' Money Services Act to add virtual currency as a licensable money‑transmitter activity, standardize definitions and require more background checks for transmitters; sponsor and regulators said the change aims to improve consumer protections.
Senate members on the Insurance & Commerce Committee on Thursday approved an update to the Money Services Act that adds virtual currency to the activities covered by money‑transmitter licensing and strengthens background‑check and regulatory tools for state oversight.
Senator Desmaine, presenting the changes, told the committee the measure is intended to "bring Arkansas into conformity with other states on definitions, background checks, permissible investments, and exclusions to licensure" and to give regulators tools to track and respond to bad actors in virtual currency transactions. He said the draft follows…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
