SB 305 Maryland Senate · 2025 Regular Session

Financial Institutions and Activities - Virtual Currency Kiosks - Registration and Regulation

SB 305 requires virtual currency kiosk operators in Maryland to register with the Commissioner of Financial Regulation starting January 1, 2026. Operators must provide business details, kiosk location information (including fixed and temporary sites), and unique identifiers for each machine. The bill establishes annual renewal requirements and authorizes fees for registration and compliance. It directly affects businesses operating standalone kiosks that let consumers exchange cash or cards for virtual currency, excluding standard ATMs and certain reward programs. The regulation applies specifically to kiosk-based virtual currency services, not broader cryptocurrency exchanges.

Bill status signed all 5 stages cleared

Introduction

Jan 2025

Committee Review

Apr 2025

Senate Passage

Apr 2025

House of Delegates Passage

Apr 2025

Signed into Law

Apr 2025

Introduced Jan 13, 2025 Signed Apr 22, 2025

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What changed between versions

First - Financial Institutions and Activities - Virtual Currency Kiosks - Registration and Regulation → Third - Financial Institutions and Activities - Virtual Currency Kiosks - Registration and Regulation · 4 edits

MODERATE

This bill amends the definition of 'Virtual Currency' to exclude certain digital representations of value used in games, and adds new definitions for 'Experienced User' and 'New User' to clarify consumer protection rules for virtual currency kiosks. The changes aim to provide clearer regulatory boundaries for what constitutes virtual currency and establish user experience thresholds for kiosks.

Scope change

The bill expands the scope by adding new definitions related to user experience levels and clarifies what digital assets are excluded from virtual currency regulations, particularly those used within specific gaming environments.

DEFINITION

Added new definitions for 'Experienced User' and 'New User' to establish user experience thresholds for virtual currency kiosk operators.

Modified the definition of 'Virtual Currency' to explicitly exclude digital representations of value used solely within online games, game platforms, or families of games sold by the same publisher.

Modified the exclusion criteria for virtual currency to clarify that digital units in customer affinity or rewards programs that cannot be converted to money or other virtual currency are not considered virtual currency.

REQUIREMENT

Added requirements for kiosks to track user transaction history, specifically noting when a person is a 'new user' based on first-time transactions or transactions within 72 hours.

Floor votes · Senate Feb 23, 2025 · House of Delegates Mar 18, 2025

How they voted

46–0

Passed

Total votes 46

Feb 23, 2025

D Democratic33

33 Yea

100% Yea

R Republican13

13 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 22, 2025

Signed into law

Approved by the Governor - Chapter 117

executive

Apr 3, 2025

Upper · Passed

Returned Passed

upper

Apr 2, 2025

Lower · Passed

Third Reading Passed

lower

Apr 2, 2025

Lower · Passed

Favorable Adopted Second Reading Passed

lower

Apr 1, 2025

Lower · Passed

Favorable Report by Economic Matters

lower

Mar 18, 2025

House Of Delegates · Passed

House of Delegates Vote: pass (122-14-3)

house of delegates

Mar 14, 2025

Committee

Referred Economic Matters

lower

Mar 12, 2025

Upper · Passed

Third Reading Passed

upper

Mar 11, 2025

Upper · Passed

Favorable with Amendments {

upper

Mar 10, 2025

Upper · Passed

Favorable with Amendments Report by Finance

upper

Feb 23, 2025

Senate · Passed

Senate Vote: pass (46-0)

senate

Jan 13, 2025

Committee

First Reading Finance

upper

2 primary · 0 co-sponsors