An Act To Amend Title 5 Of The Delaware Code Relating To Money Transmission.

Summary

This Delaware bill repeals and completely rewrites the state's money transmission regulations, establishing the "Delaware Money Transmission and Virtual Currency Modernization Act." The new law modernizes licensing requirements and safety standards for money transmission services and virtual currency activities, while reducing regulatory burdens and protecting consumers from financial crime. The bill affects money transmission companies, virtual currency businesses, and the State Bank Commissioner who oversees licensing and supervision of these entities.