Crypto Law Profile
Arkansas Act 532 amended the Uniform Money Services Act to define virtual currency, bring certain virtual-currency transmission under money services rules, and add related reporting, cybersecurity, recordkeeping, and permissible-investment provisions.
Arkansas Act 532 of 2021, profiled here as the Arkansas Uniform Money Services Act Virtual Currency Amendments, is an effective Arkansas state law that amended the state’s Uniform Money Services Act. The act began as SB 150 in the 93rd General Assembly’s 2021 Regular Session, with the official title “An Act to Amend the Uniform Money Services Act; and for Other Purposes.”
The law’s core virtual-currency changes appear in the statutory definitions, money-transmission framework, reports, records, security controls, and permissible-investment sections of Arkansas Code Title 23, Chapter 55. This profile covers Act 532 itself rather than later 2023 or 2025 amendments to the same chapter, although editors should read the act alongside the current Arkansas Securities Department compilation for current text.
Act 532 added a definition of “virtual currency” as a digital representation of value used as a medium of exchange, unit of account, or store of value, and not recognized as legal tender by the U.S. Treasury. The definition excludes software, protocols, and certain distributed-ledger verification uses when the virtual currency is not used as a medium of exchange.
The act amended “money transmission” to include receiving money, virtual currency, or monetary value for transmission. It also added exclusions for limited merchant or rewards value, game-platform value, and certain ledger-authentication uses. The result is a perimeter update: the law does not create a standalone crypto charter, but it integrates virtual-currency transmission into Arkansas’s money services regime.
Act 532 also updated licensing review provisions. Applicants must provide information about responsible individuals and disciplinary, litigation, bankruptcy, and receivership history. Officers, directors, responsible individuals, and owner applicants may be subject to identity information and criminal-background checks, and the act bars specified covered persons from appearing on OFAC sanctions and Executive Order 13224-related lists. Quarterly reporting provisions were amended to include virtual currency sold in Arkansas and virtual currency currently outstanding.
The recordkeeping provision was amended to require five-year records for compliance review, including records of virtual-currency obligations sold or paid. The act added written physical security and cybersecurity policy requirements for money transmitters and currency exchangers that are licensed or required to be licensed under the chapter. It also created a virtual-currency-specific permissible-investment rule: a licensee transmitting virtual currency must hold like-kind virtual currency of the same volume as the amount obligated to consumers, in lieu of ordinary permissible investments for that obligation.
Act 532 applies at the Arkansas state level and is administered through the Arkansas Securities Commissioner and the Arkansas Securities Department. The Department’s public money-services page states that a Money Transmitter License is required for persons engaging in money transmission activity in Arkansas and describes that activity as including receiving money, virtual currency, or monetary value for transmission. The current compiled Money Services Act, effective August 5, 2025, retains a virtual-currency definition and a like-kind virtual-currency holding rule while reflecting later amendments.
This profile is a legal-reference summary for editorial and research use. It does not provide legal, tax, investment, trading, or compliance advice.
Defines virtual currency as a digital representation of value used as exchange, account, or store of value and not recognized as U.S. legal tender.
Amends money transmission to include receiving money, virtual currency, or monetary value for transmission, subject to statutory exclusions.
Excludes limited merchant or rewards value, game-platform value, and certain ledger-verification uses when virtual currency is not used as a medium of exchange.
Quarterly reports and five-year compliance records must account for virtual currency sold, paid, or outstanding in Arkansas.
Requires licensed or required-to-be-licensed money transmitters and currency exchangers to maintain written physical security and cybersecurity policies.
Requires a licensee transmitting virtual currency to hold like-kind virtual currency of the same volume obligated to consumers.
SB150 was filed in the Senate to amend the Uniform Money Services Act.
The Senate read SB150 for the third time and passed it.
The House read SB150 for the third time and passed it.
Act 532 was approved.
The legislature recorded notification that SB150 is now Act 532.
Effective date inferred for 2021 Arkansas acts without emergency clause or specified date; verify against AG Opinion 2021-029.
Arkansas General Assembly, Arkansas Securities Commissioner, Arkansas Securities Department
Virtual currency
This profile covers Arkansas Act 532 of 2021, the virtual-currency amendments to the Uniform Money Services Act. Arkansas later amended Chapter 55, including 2025 virtual-currency kiosk provisions; editors should check the current Arkansas Securities Department compilation before publication.
