32 M.R.S. §6100-QQ: License required for engaging in virtual currency business activity

Licensing for virtual currency business activity is governed by this section.

1. Licensing. A person may not engage in virtual currency business activity, or hold itself out as being able to engage in virtual currency business activity, with or on behalf of another person unless the person is:

A. Licensed in this State by the administrator pursuant to section 6091; or

B. Exempt from licensing under section 6074.

2. Requirements. A person that is licensed to engage in virtual currency business activity is engaged in the business of money transmission and is subject to the requirements of this Act.