An Act protecting consumers in cryptocurrency exchanges

This bill creates a new licensing requirement for cryptocurrency platforms that serve customers in Massachusetts, mandating that they register with the state's Division of Banks. To operate legally, these exchanges must submit detailed documents under oath, including their organizational structure, business plans, and lists of affiliates. The law specifically defines "virtual currency" to cover various digital assets while excluding items like gaming tokens or loyalty points that cannot be converted to real money. By establishing these registration rules, the legislation aims to bring crypto exchanges serving Massachusetts residents under existing state financial oversight.