SB 198 Florida Senate · 2026 Regular Session

Virtual Currency Kiosks

Summary

Virtual Currency Kiosks; Revising the definition of the term “money services business”; revising the requirements for certain rules adopted by the Financial Services Commission; revising the actions by money services businesses, authorized vendors, or affiliated parties which constitute grounds for disciplinary action; prohibiting persons from engaging in certain business unless they are registered or exempt from registration; prohibiting a virtual currency kiosk business from operating in this state without registering or renewing its registration, etc.

Issues: ✓ Technology

Bill status in committee 3 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Feb 2026

Senate Passage

Feb 2026

House Passage

Governor

Introduced Jan 13, 2026 Last action Feb 25, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

S 198 c1 → S 198 c2 · 4 edits

MODERATE

The bill was revised to broaden its scope by adding new sections on disciplinary actions and penalties for unlicensed activity, and to clarify the types of receipts required. The effective date for the new virtual currency kiosk regulations was moved from March 1, 2027, to January 1, 2027, giving businesses less time to prepare. Additionally, the requirement for receipts was changed to allow businesses to offer either a physical or electronic receipt instead of mandating an electronic one.

Scope change

The bill now explicitly includes rules for disciplinary actions and penalties for unlicensed money services businesses, and clarifies liability for unauthorized vendors.

TIMELINE

The effective date for the new virtual currency kiosk regulations was advanced from March 1, 2027, to January 1, 2027.

ENFORCEMENT

New sections were added to define specific actions that constitute grounds for disciplinary action and to outline penalties for engaging in unlicensed money services business.

REQUIREMENT

The mandatory receipt requirement for virtual currency transactions was changed to allow businesses to provide either a physical or electronic receipt.

DEFINITION

The definition of a 'virtual currency kiosk transaction' was slightly refined to clarify when a transaction begins.

S 198 Filed → S 198 c1 · 7 edits

MODERATE

The bill was revised from a simple consumer protection measure into a comprehensive regulatory framework requiring virtual currency kiosks to register with the state. The changes add specific definitions for 'money services business' and 'kiosk business,' mandate annual registration renewals, and introduce stricter compliance requirements like mandatory blockchain analytics and customer attestations. While the daily transaction limits and refund policies remain largely similar, the new version significantly expands the state's oversight and enforcement capabilities over these businesses.

Scope change

The bill's scope expanded from a standalone consumer protection statute to a full regulatory chapter creating a new registration system and specific statutes for virtual currency kiosk businesses.

SCOPE

The bill was reclassified from an original filing to a committee substitute, indicating significant substantive changes were made during the legislative review process.

DEFINITION

New definitions were added for 'money services business' and 'virtual currency kiosk business' to clarify exactly which entities fall under state regulation.

REQUIREMENT

A mandatory registration and renewal system was created, requiring kiosks to submit detailed applications and undergo annual reviews by the state office.

New requirements mandate the use of blockchain analytics to detect criminal activity and require customers to attest to their identity before transactions.

The existing customer daily transaction limit was adjusted from $10,500 to $10,000, and the definition of an existing customer was refined to specifically reference transactions on the kiosk business's machines.

ENFORCEMENT

New penalties and enforcement mechanisms were added, including the ability to deny registration for control persons with criminal histories and declaring registrations void for false statements.

TIMELINE

The effective date was changed from January 1, 2027, to March 1, 2027, for the new registration requirements, while the general act remains effective January 1, 2027.

Floor votes · Senate Feb 10, 2026

How they voted

24–0

Passed

Total votes 24

Feb 10, 2026

D Democratic5

5 Yea

100% Yea

I Independent1

1 Yea

100% Yea

R Republican18

18 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 12, 2026

Upper · Passed

Pending reference review -under Rule 4.7(2) - (Committee Substitute)

upper

Feb 10, 2026

Senate · Passed

Senate Vote: pass (24-0)

senate

Feb 5, 2026

Upper · Passed

On Committee agenda-- Rules, 02/10/26, 9:00 am, 412 Knott Building

upper

Feb 4, 2026

Upper · Passed

Favorable by Commerce and Tourism; YEAS 9 NAYS 0

upper

Jan 30, 2026

Upper · Passed

On Committee agenda-- Commerce and Tourism, 02/04/26, 10:30 am, 110 Senate Building

upper

Jan 29, 2026

Upper · Passed

Pending reference review under Rule 4.7(2) - (Committee Substitute)

upper

Jan 23, 2026

Upper · Passed

On Committee agenda-- Banking and Insurance, 01/28/26, 10:30 am, 412 Knott Building

upper

Jan 13, 2026

Introduced

upper

Nov 3, 2025

Committee

Referred to Banking and Insurance; Commerce and Tourism; Rules

upper

1 primary · 1 co-sponsor