Grapefruit Trading, LLC; On 10/9/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Grapefruit Trading. The petition sought a declaratory statement from the Office on whether its ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Grapefruit Trading, LLC on October 09, 2018. The following is a summary of the agency's disposition of the petition: On 10/9/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Grapefruit Trading. The petition sought a declaratory statement from the Office on whether its proposed business model (to trade virtual currencies with individuals and corporations in the state of Florida and elsewhere. To conduct bilateral trades to buy or sell virtual currencies using US dollars or other virtual currencies) falls under the Florida Money Transmitter Statute, Chapter 560, Florida Statutes. ******On 1/4/2019, the Office issued a Final Order on the Petition. The Office determined that under the circumstances described, proposed activities would not require Petitioner to obtain licensure as a money transmitter under Chapter 560, Florida Statutes. Under the circumstances described in the findings of facts, Petitioner's transactions occur directly between Petitioner and a counter-party with no third parties involved. Petitioner has complete control over the transactions and Petitioner does not receive, "currency, monetary value, or payment instruments for the purpose of transmitting the same". Consequently, Petitioner is not acting as a "money transmitter", and licensure for these activities is not required under Chapter 560, Florida Statutes.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].