Wyoming Virtual Currency Money Transmitter Bond
Wyoming statutes define "money transmission business" as any person or business entity engaged in the transmission of money who regularly advertises, offers or provides services to Wyoming residents through any medium including internet or electronic means. A Wyoming money transmitter license is required from all candidates for licensing, including cryptocurrency intermediaries. For virtual exchanges, "Virtual currency" means any type of digital representation of value that:
- Is used as a medium of exchange, unit of account or store of value; and
- Is not recognized as legal tender by the United States government.
Wyoming has poised itself be one of the foremost jurisdictions for businesses engaged in blockchain transactions. Recently the state legislature has passed legislation touching the following:
- Authorizing corporations to create Blockchains to store records (House Bill 101)
- Amend the Wyoming Money Transmitter Act to provide an exemption for virtual currency. H.B. 19, 2018 Budget Sess. (Wyo. 2018)
- Exempt cryptocurrencies from state property taxes. S.F. 111, 2018 Budget Sess. (Wyo. 2018)
Changes to the licensing requirements may be forthcoming which exempt a virtual current trader, currently a Wyoming Money Transitter Bond is still required. Pursuant to 40-22-106, Each application must be accompanied by a surety bond, acceptable to the Commissioner in the amount of ten thousand dollars ($10,000.00) or two and one-half (21/2) times the outstanding payment instruments, whichever is greater. The Commissioner may increase the Wyoming cryptocurrency transmitter bond to a maximum of five hundred thousand dollars ($500,000.00) The surety bond must run to the state for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the same with respect to the receipt, handling, transmission and payment of money in connection with the sale and issuance of payment instruments or transmission of money.
Wyoming surety bond leader, Surety One, Inc. specializes in the bonding needs financial institutions, money transmitters and virtual currency intermediaries. We offer surety bonds and fidelity bonds to financial services professionals, miners and traders in all fifty states, Puerto Rico and U.S. Virgin Islands. Although applicant financial condition is a factor in bond underwriting, we have programs to satisfy EVERY credit condition. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for a live chat for an Wyoming money transmitter surety bond (virtual currency bond) application or to discuss your particular needs.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
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