Regulation Of Virtual Currencies Act – (Draft discussion only)

This initial working draft envisions that any person or entity that operates as a trusted intermediary in the performance of services or offering of products to third parties, whether consumers or not, should be licensed. The range of such intermediaries is large already and likely to expand. For now, the range includes at least the following types of digital currency businesses: digital currency payments intermediaries, digital currency converters and exchanges, providers of web wallet services and products, digital currency gateways, digital cash platforms and digital currency ATMs, and is intended to cover any form of business that handles, stores, maintains, or transfers or engages in the exchange or delivery of digital currency for money or real currency or of one form of digital currency for another, or – like money transmission traditionally – performs functions necessary to move or transfer digital currencies from one person to another or from one location to another even for the same person or beneficiary.