West Virginia enacts law subjecting virtual currency kiosks to money transmission licensure

On April 1, West Virginia enacted HB 5353, which amends state money transmission laws to explicitly include operating virtual currency kiosks within the definition of money transmission. The law defines a virtual currency kiosk as an “automated electronic machine that allows users to engage in money transmission, including any machine that is capable of accepting or dispensing cash in exchange for virtual currency,” excluding consumer cell phones and similar devices.... By: Orrick, Herrington & Sutcliffe LLP