G-Wallet Corp; On June 5, 2019, the Florida Office of Financial Regulation issued a Final Order on the Petition for Declaratory Statement. Based upon the referenced findings of fact and Florida Statutes, Petitioner's proposed activity falls within ...

 

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 G-Wallet Corp on March 07, 2019. The following is a summary of the agency's disposition of the petition:

On June 5, 2019, the Florida Office of Financial Regulation issued a Final Order on the Petition for Declaratory Statement. Based upon the referenced findings of fact and Florida Statutes, Petitioner's proposed activity falls within the activities regulated under Chapter 560, Florida Statutes. Because it has monetary value, the G-Coin Token is a payment instrument, whether negotiable or not, and therefore G-Wallet is a payment instrument seller. Further, when G-Wallet receives payment from consumers for G-Coins and then facilitates the transference of G-Coin, G-Wallet is receiving monetary value for the purpose of transmitting the same, and therefore is acting as a money transmitter. As such, G-Wallet is required to be licensed pursuant to Chapter 560, Florida Statutes, in order to do business in Florida, as contemplated in the petition.. ******The original petition was published March 11, 2019 in the Florida Administrative Register Volume 45, Number 48.

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]