1. 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: a. Licensed in this state by the commissioner pursuant to section 13-09.1-13; or b. Exempt from licensing under section 13-09.1-02.

2. 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.