New rules in Texas for Digital Currencies like Bitcoin!

The letter is from Charles G. Cooper, the Banking Commissioner and the formal subject of the memorandum is: Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act.  As is becoming increasingly clear in the United States, regulators are realizing that existing laws against money laundering and such crimes are more than all-encompassing enough to include Bitcoin.  This memorandum clarifies which types of cryptocurrency transactions count as money transmission, and thus require a license.

In Texas, the definition of a money transmission business as it relates to cryptocurrencies is now crystal clear.  FinCEN, please take note.

Rest of the article here.