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Financial Services Regulatory Expert | Strategic Thinker | Problem Solver | Effective Communicator
It's been a long, long journey, but Massachusetts has finally modernized its money transmission laws. Gov. Maura Healey yesterday signed into law H.4840 (https://lnkd.in/eyD23gqx), the Mass. version of the Money Transmission Modernization Act. Mass. was the last state to only regulate foreign transmissions. Starting this fall, the new law will become effective with the Massachusetts Division of Banks regulating all consumer transmissions. I first worked on a bill to update the law in 2003 and we came close to getting it passed several times. However, congrats to Commissioner Mary Gallagher and her team who were able to get this over the finish line. If you are a company that is operating in Mass. and now need a #license, feel free to reach out to me. #moneytransmission #moneytransmitterlicense #payments FS Vector Conference of State Bank Supervisors (CSBS) Matthew Lambert
Major shift in finance regulation. How's the vibe for businesses operating there? Sounds like a milestone moment.
A 15 year effort! Great to see this get passed.
Partner at Morgan, Lewis & Bockius LLP
2dIt looks like, because El Salvador and the Central African Republic have adopted Bitcoin as fiat currency, Bitcoin is included in the definition of "money" in the statute. Do you know if that was intentional or, if was not, whether anyone cares? A lot of the Bitcoin custodians obtain money transmitter licenses in any event.