(a) A person may not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency business activity, with or on behalf of another person unless the person is:
- (1) licensed in Minnesota by the commissioner under section 53B.40; or
- (2) exempt from licensing under section 53B.29.
- (b) A person that is licensed to engage in virtual-currency business activity is engaged in the business of money transmission and is subject to the requirements of this chapter.