Regulatory Treatment of Virtual Currencies under the Tennessee Money Transmitter Act

Virtual currencies, including cryptocurrencies like Bitcoin, have raised questions in relation to money transmission and currency exchange. This memorandum outlines the policy of the Tennessee Department of Financial Institutions with regard to virtual currencies. It expresses the Department's interpretation of the Tennessee Money Transmitter Act, and the application of its interpretation to various activities involving virtual currencies. This memorandum also seeks to establish the regulatory treatment of virtual currencies under existing statutory definitions.