The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 079 : Money Services
Subchapter 010 : VIRTUAL CURRENCY
(Cite as: 8 V.S.A. § 2573)-
§ 2573. Conditions precedent to engaging in virtual-currency business activity
(a) A person shall not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency business activity, with or on behalf of another person unless the person is:
(1) licensed under subchapter 2 of this chapter to engage in virtual-currency business activity;
(2) an authorized delegate of a person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity if such money services are within the scope of authority conferred by a written contract between the authorized delegate and the licensee;
(3) exempt pursuant to section 2572 of this subchapter and engages in no licensable activity outside the scope of such exemption; or
(4) exempt pursuant to section 2504 of this chapter and does not engage in money services outside the scope of such exemption.
(b) A person that engages in virtual-currency business activity is engaged in the business of money transmission.
(c) It is prohibited for a person to facilitate the provision of unlicensed virtual-currency business activity by another person that is required to be licensed under this subchapter, when the first person or the first person’s authorized agent receives notice from a regulatory, law enforcement, or similar governmental authority, or knows from its normal monitoring and compliance systems, or consciously avoids knowing that the unlicensed person is in violation of this chapter.
(d) All provisions of this chapter, and any rule adopted under this chapter, that apply to a person licensed under subchapter 2 of this chapter to engage in virtual-currency business activity shall apply equally to any person required to hold a license pursuant to subsection (a) of this section that does not hold one. Nothing herein shall be interpreted to permit any such unlicensed person to engage in virtual-currency business activity or hold itself out as being able to engage in any virtual-currency business activity without a license. (Added 2023, No. 110 (Adj. Sess.), § 48, eff. July 1, 2024.)
