(a) This chapter applies to a digital asset service provider doing business in this state that:
(1) holds a money transmission license under Subchapter D, Chapter 151; and
(2) either:
(A) serves more than 500 digital asset customers in this state; or
(B) has at least $10 million in customer funds.
(b) This chapter does not apply to:
(1) a bank, as defined by Section 31.002; or
(2) an entity excluded by commission rule or by order of the banking commissioner based on a finding that the entity is:
(A) not required to hold a money transmission license under Subchapter D, Chapter 151; or
(B) not subject to the requirements of this chapter.