§ 7-1-690 — Rules and regulations

(a) Without limiting the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this article. (b) The department is authorized to enact rules and regulations that apply solely to persons engaged in money transmission involving virtual currency. The department shall enact such rules and regulations it finds necessary to: (1) Foster the growth of businesses engaged in money transmission involving virtual currency in Georgia and spur state economic development; (2) Ensure the continued solvency, safety, soundness, and prudent conduct of persons engaged in money transmission involving virtual currency; (3) Ensure fair, timely, and equitable fulfillment of the financial obligations of such persons; (4) Protect customers of businesses engaged in money transmission involving virtual currency from financially impaired or insolvent providers of such services; (5) Encourage high standards of honesty, transparency, fair business practices, and public responsibility; (6) Eliminate financial fraud, other criminal abuse, and unethical conduct in the industry; and (7) Ensure businesses engaged in money transmission involving virtual currency provide customers with timely and understandable information in order that customers may make informed decisions about virtual currency products and services.

Legislative History

Amended by 2023 Ga. Laws 348,§ 29, eff. 7/1/2023. Amended by 2016 Ga. Laws 450,§ 1-7, eff. 7/1/2016. Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.