On September 25, the association related to state bank supervisors, on behalf of the NMLS policy committee, requested public feedback on proposed new business activities and definitions related to digital assets. The proposal would add “Issuing Stablecoin” and “Virtual Currency Kiosk Operation” as distinct business activities within NMLS.

The proposed definition for “Issuing Stablecoin” would apply to businesses that create digital assets intended for use as payment or settlement, where the issuer: (i) is obliged to “convert, redeem, or repurchase the digital asset for a fixed amount of monetary value” and (ii) conveys the expectation to users that the asset’s value will remain stable relative to a fixed monetary value. The definition would not apply to issuers of national currency, deposits or securities.

Next, “Virtual Currency Kiosk Operation” would be defined as providing electronic terminals that enable customers to exchange fiat currency for virtual currency or vice versa, either by connecting to a separate virtual currency exchange or by using the operator’s own virtual currency holdings.

Comments will be due by November 13.