Pennsylvania exempts crypto exchanges and ATMs from the Money Transmission Law
Pennsylvania’s Banking and Securities Department published a document, which declares that crypto exchanges and ATMs and exempt from the Money Transmission Business Licensing Law, due to the fact that cryptocurrencies are not defined as “money,” or “legal tender.”
The document is called the Money Transmitter Act (MTA), and it sets out a list of guidelines on what the MTA classifies as money, and therefore also when the registration is required.
The MTA points out that cryptocurrency and other forms of digital monies are not classified as “legal tender” by any of the U.S. agencies. Furthermore, the MTA goes into detail about crypto and digital currency ATMs, vending machines and other kiosks which accept the digital currency as payment. The document states that it doesn’t matter what the transfer is, no actual
“money” has been involved in such transactions.
The U.S. has not accepted crypto as a form of currency, but it is considered property and classified as securities by the Internal Revenue Service (IRS) and Securities and Exchange Commission (SEC).