AN ACT CONCERNING VIRTUAL CURRENCY AND MONEY TRANSMISSION.

HB 5211 updates Connecticut's financial regulations by repealing and replacing the definitions within the state's money transmission laws to include virtual currency and related digital assets. The bill directly affects money transmission businesses, their owners, and employees by formally defining terms such as "virtual currency," "money transmission," and "authorized delegate" to ensure these modern financial activities are covered under existing rules. A key provision clarifies who counts as a "control person" or "key individual" by specifying ownership thresholds and family relationships, while also distinguishing between active managers and passive investors. These changes aim to provide clear legal guidelines for how licensed entities must operate and report transactions involving digital currencies and electronic payment instruments.