Virtual currencies have proliferated in recent years and, particularly with the advent of cryptocurrencies like Bitcoin, have raised novel questions in relation to money transmission and currency exchange.
This supervisory memorandum
outlines the policy of the Texas Department of Banking (Department) with regard to virtual currencies.
This policy expresses the Department's interpretation of the Texas Money Services Act, and the application of its interpretation to various activities involving virtual currencies. While the popularity of Bitcoin has sparked new discourse on the nature of money and transferability of value, this memorandum seeks only to establish the regulatory treatment of virtual currencies under existing statutory definitions.