Delaware law regulates money and virtual currency businesses

Businesses must be licensed to send money or provide covered virtual currency services, and the State Bank Commissioner oversees licensed businesses. The licensing rules cover businesses that send money or provide covered virtual currency services for others in Delaware. Some businesses and activities are exempt from licensing under the listed exceptions. The Act took effect immediately. Implementation begins when final regulations are published or one year after enactment, whichever comes first.

Licensed virtual currency businesses must disclose key terms to customers and hold enough currency to cover customer claims. These requirements apply to licensed businesses that provide virtual currency services for customers. Before a customer relationship begins, businesses must provide clear, retainable disclosures about fees, insurance, and transfer terms. Currency held for customers is not the business's property and is not subject to the business's creditors' claims. Businesses must give the disclosures before a customer relationship begins and hold enough currency while they control it for customers.

Money transmission businesses must follow rules for sending funds, refunds, and receipts. These rules apply to licensed money transmission businesses and, for receipts, their authorized delegates. A business may delay sending funds if it reasonably believes the sender may be a fraud victim or a crime or legal violation has occurred, is occurring, or may occur. Refund and receipt rules have exceptions, including certain federally covered transfers and payments handled under agreements to process payments for goods or services. The 10-day refund period starts when the business receives the sender’s written request; the listed exceptions apply.