The Texas Department of Banking has published new guidance regarding the regulatory treatment of virtual currencies under the Texas Money Services Act. The document states that most transactions involving cryptocurrencies will not be considered a transfer of “monetary value” but the exchange of virtual currencies for fiat will likely be recognized as a “money transmission.”
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Texas Department of Banking Updates Regulatory Position on Crypto Transactions
On Jan. 2, the Texas Department of Banking published a supervisory memorandum providing updated regulatory guidance regarding the treatment of cryptocurrencies under state law.