PA Department of Banking and Securities: Virtual Currency is not “Money” - The National Law Review
Pennsylvania's Department of Banking and Securities has clarified that virtual currency is not considered 'money' under state law, which may exempt certain virtual currency activities from money transmitter licensing requirements.
Aforeworn detected this change in the Money Services & Money Transmitters space on July 8, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Medium urgency. Crypto/virtual-currency firms, fintech wallets, and payment processors operating in Pennsylvania should confirm how it applies to their specific situation before acting. There is a time constraint attached: Within 90 days to reassess compliance posture and adjust licensing applications or registrations.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Money Services & Money Transmitters continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
PA Department of Banking and Securities issued guidance stating virtual currency is not 'money' for regulatory purposes, potentially altering licensing obligations for virtual currency transmission.
Who it affects
Crypto/virtual-currency firms, fintech wallets, and payment processors operating in Pennsylvania
What you must do
Review current licensing status and operations to determine if state money transmitter license is still required for virtual currency activities.
Deadline
Within 90 days to reassess compliance posture and adjust licensing applications or registrations.
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