Regulator: Office of the Commissioner of Financial Institutions, OCIF (Oficina del Comisionado de Instituciones Financieras)
Puerto Rico is a United States territory, so federal law applies, including the GENIUS Act on payment stablecoins, FinCEN money services business rules and federal securities and commodities law. Locally, the Office of the Commissioner of Financial Institutions (OCIF) requires businesses that transmit or exchange convertible virtual currency, including stablecoins, to hold a money transmitter licence under the Money Services Business Act of 2010. Under the GENIUS Act, Puerto Rico can act as a State regulator for state-qualified issuers.
Applicable Laws:
Puerto Rico Money Services Business Act (Ley Núm. 136 de 2010, Ley para Regular los Negocios de Servicios Monetarios) - https://docs.pr.gov/files/OCIF/LEYES-REGLAMENTOS-CARTAS-CIRCULARES/Leyes%20Administrativas/Ley%20N%C3%BAm.%20136-2010%20-%20Ley%20para%20Regular%20los%20Negocios%20de%20Servicios%20Monetarios.pdf
OCIF Circular Letter CIF-CC-2021-03 on money services businesses dealing in virtual currency - https://docs.pr.gov/files/OCIF/LEYES-REGLAMENTOS-CARTAS-CIRCULARES/Cartas-Circulares/CIF%20CC-2021-03%20MSB.pdf
