Minnesota's virtual currency customer disclosure rules apply to money transmitters conducting virtual currency transactions, which falls directly within US money transmission licensing and regulatory requirements.
The rules address virtual currency transactions and disclosure requirements, which relate to crypto-asset payment services, though the primary focus is on money transmitter licensing rather than crypto-asset regulation specifically.
Specialism
The Minnesota DOC adopted mandatory customer disclosure rules for virtual currency transactions by money transmitters, requiring specific information disclosure formats and acknowledgment—core customer protection obligations.
The rules establish regulatory reporting and documentation requirements including customer receipts and disclosure forms that money transmitters must maintain and provide, supporting supervisory compliance verification.
2026-07-31 13:50:29·alapetina@vixio.com
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TITLE: Minnesota Department of Commerce Adopts Virtual Currency Customer Disclosure Rules for Money Transmitters
BODY:
On October 20, 2025, the Minnesota Department of Commerce (DOC) adopted virtual currency customer disclosure rules required under Minnesota Statutes Section 53B.72. The rules were published in the Minnesota State Register and become effective January 1, 2026, under Minnesota Rules Parts 2675.8500 and 2675.8510.
The rules apply to all licensees under Minnesota Statutes Chapter 53B that conduct virtual currency transactions. Key provisions establish definitions for customer relationships and virtual currency transactions; specify time and form requirements for disclosures, including language options and font size; outline the categories of information that must be disclosed; address virtual currency kiosk disclosures and their relationship to Section 53B.75; require acknowledgment of disclosures; and establish requirements for customer receipts and receipt forms.
The Minnesota DOC Financial Institutions and Enforcement Divisions will implement these requirements through examination reviews of customer disclosures and investigations of complaints filed with the Department where disclosure compliance is relevant. All documentation related to the rulemaking process is available on the Department's rulemaking webpage. Licensed money transmitters should review the adopted rules in full to ensure compliance with the January 1, 2026 effective date.
REFERENCES:
Minnesota Department of Commerce. Virtual Currency Customer Disclosure Rules Adopted. October 2025. Available at: Minnesota Department of Commerce Rulemaking Webpage.
Date: October 2025 To: Minnesota Licensed Money Transmitters From: Financial Institutions and Enforcement Divisions RE: Virtual Currency Customer Disclosure Rules Adopted The Virtual Currency customer disclosure rules required under Minnesota Statutes Section 53B.72 have been adopted and published in the Minnesota State Register for the week of October 20, 2025. They are effective January 1, 2026. They will be under Minnesota Rules Parts 2675.8500 and 2675.8510. This is a notice being sent directly to you as a current money transmitter licensee. All the relevant documents related to the rulemaking process will be available on the Department’s rulemaking webpage here. Summary of main provisions: Who does this apply to? The rules apply to any licensee under Minnesota Statutes Chapter 53B who conducts virtual currency transactions. Major elements: o Definitions of establishing a relationship and virtual currency transactions o Time and form requirements, including language options and font size, as well as when and how to disclose. o The categories of disclosure to be given. o Virtual currency kiosk disclosures and relationship to section 53B.75. o Acknowledgment of disclosures. o Customer receipts and receipt forms. How will the Financial Institutions and Enforcement Divisions implement these requirements? These will be implemented through review of disclosures during examinations, and investigations of complaints filed with the Department where review of disclosures is relevant to an investigation.