DoBS Regulating Virtual Currency Transmitters Thanks to New Bipartisan Law

<i>Act 7 of 2025 – a key legislative priority for DoBS – is the first law in the Commonwealth of PA regulating virtual currency.</i></p>\r\n<p style=\"text-align: center;\"><i>Pennsylvania is now one of 27 states to regulate virtual currency under its respective money transmitter act.</i></p>\r\n<p><b>Harrisburg, PA –</b>&nbsp;On June 27, <b>Governor Josh Shapiro</b>&nbsp;signed <a href=\"https://www.palegis.us/legislation/bills/2025/sb202\">Senate Bill 202</a>&nbsp;into law. Now known as Act 7 of 2025,&nbsp;the law will take effect in 60 days and ensures that the transmission of virtual currency is treated the same as traditional money transmission under Pennsylvania’s <b>Money Transmitter Act (MTA)</b>.</p>\r\n<p>Under the new law, entities that facilitate the transfer of virtual currency for a fee will be required to meet the same licensure standards as other money transmitters. The law also modernizes key elements of the MTA, including definitions, licensing requirements, exemptions, and oversight provisions.</p>\r\n<p>“Before this law, if a company transmitted money for a fee, they had to be licensed by us — but if they transmitted virtual currency like Bitcoin, they didn’t. That gap left consumers unprotected,”<b> </b>said<b>&nbsp;Department of Banking and Securities (DoBS) Secretary Wendy Spicher. </b>“Now, by requiring licensure for virtual currency transmitters, we can close that gap and keep bad actors out of the business. Enhancing consumer protection for Pennsylvanians will always be a top priority, and I thank members of the House and Senate for their bipartisan efforts on behalf of the Commonwealth.”<br>\r\n</p>\r\n<p>This new law complements <b>Governor Shapiro’s</b>&nbsp;broader efforts to strengthen consumer protections across Pennsylvania. Recently, the Governor launched a <b>centralized consumer protection hotline, website, and email —&nbsp;1-866</b>-<b>PACOMPLAINT,</b><i>&nbsp;</i><a href=\"mailto:pa.gov/consumer\" title=\"mailto:pa.gov/consumer\"><b>pa.gov/consumer</b></a>, and<i>&nbsp;</i><a href=\"mailto:consumer@pa.gov\"><b>consumer@pa.gov</b></a>&nbsp;— making it easier than ever for Pennsylvanians to report scams, resolve financial or insurance issues, and get connected to the right state agency for help. No matter the issue, consumers will be routed to the right agency for assistance.</p>\r\n<p>The <b>DoBS</b>&nbsp;regulates financial services and promotes consumer and investor education across the Commonwealth. To learn more about DoBS, visit <a href=\"https://www.pa.gov/dobs\">pa.gov/dobs</a>, subscribe to the department <a href=\"https://www.pa.gov/services/dobs/subscribe-to--the-quarter--newsletter.html\" title=\"https://www.pa.gov/services/dobs/subscribe-to--the-quarter--newsletter.html\">newsletter</a>,&nbsp;or follow us on <a href=\"https://www.facebook.com/PABankingAndSecurities/\" title=\"https://www.facebook.com/PABankingAndSecurities/\">Facebook</a>, <a href=\"https://x.com/PABankingDept\" title=\"https://x.com/PABankingDept\">X</a>, or <a href=\"https://www.linkedin.com/company/pa-banking-and-securities/\" title=\"https://www.linkedin.com/company/pa-banking-and-securities/\">LinkedIn</a>.&nbsp;</p>\r\n<p><b>MEDIA CONTACT:&nbsp;</b>Joan Z. Nissley,&nbsp;<a href=\"mailto:jnissley@pa.gov\">jnissley@pa.gov</a></p>\r\n<p style=\"text-align: center;\"># # #</p>\r\n"}}">

Act 7 of 2025 – a key legislative priority for DoBS – is the first law in the Commonwealth of PA regulating virtual currency.

Pennsylvania is now one of 27 states to regulate virtual currency under its respective money transmitter act.

Harrisburg, PA – On June 27, Governor Josh Shapiro signed Senate Bill 202 into law. Now known as Act 7 of 2025, the law will take effect in 60 days and ensures that the transmission of virtual currency is treated the same as traditional money transmission under Pennsylvania’s Money Transmitter Act (MTA).

Under the new law, entities that facilitate the transfer of virtual currency for a fee will be required to meet the same licensure standards as other money transmitters. The law also modernizes key elements of the MTA, including definitions, licensing requirements, exemptions, and oversight provisions.

“Before this law, if a company transmitted money for a fee, they had to be licensed by us — but if they transmitted virtual currency like Bitcoin, they didn’t. That gap left consumers unprotected,” said Department of Banking and Securities (DoBS) Secretary Wendy Spicher. “Now, by requiring licensure for virtual currency transmitters, we can close that gap and keep bad actors out of the business. Enhancing consumer protection for Pennsylvanians will always be a top priority, and I thank members of the House and Senate for their bipartisan efforts on behalf of the Commonwealth.”

This new law complements Governor Shapiro’s broader efforts to strengthen consumer protections across Pennsylvania. Recently, the Governor launched a centralized consumer protection hotline, website, and email — 1-866-PACOMPLAINT, pa.gov/consumer, and consumer@pa.gov — making it easier than ever for Pennsylvanians to report scams, resolve financial or insurance issues, and get connected to the right state agency for help. No matter the issue, consumers will be routed to the right agency for assistance.

The DoBS regulates financial services and promotes consumer and investor education across the Commonwealth. To learn more about DoBS, visit pa.gov/dobs, subscribe to the department newsletter, or follow us on Facebook, X, or LinkedIn.

MEDIA CONTACT: Joan Z. Nissley, jnissley@pa.gov

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