Does Linden Lab need a money-transmitter license for the Linden Dollar economy inside Second Life?
Money Transmitter License
Asked by Question Bot02/Jan/20151 answer
1 Answer
F
Faisal Khan
Answered 02/Jan/2015
No, Linden Labs does not require a Money Transmitter License for their closed loop virtual currency. The currency can only be used inside of Linden Labs' game Second Life and hence it is considered credits in a closed-loop system, thus not subject to money transmitter licensing (See section 4.5 of the Linden Lab's Second Life Terms of Service).
Another way of looking at it is that Linden Labs is the producer of the credits and does not act as an intermediary, hence no licensing requirements.
Another way of looking at it is that Linden Labs is the producer of the credits and does not act as an intermediary, hence no licensing requirements.