Technology (Emerging Technology)

This bill regulates digital financial asset transaction kiosks in Iowa, directly affecting kiosk operators and consumers using these machines to exchange cash for digital assets like cryptocurrency. It limits daily transactions to $1,000 per consumer and caps fees at either $5 or 15% of the transaction value, whichever is higher. Operators must provide clear written disclosures before transactions - including fees and a finality warning - and issue detailed receipts showing all charges, asset amounts, and the licensed exchange used. Additionally, operators must report all kiosk locations to the banking division for public online access and ensure any third-party operators using their kiosks hold proper money transmission licenses.