Virtual currency kiosks prohibition provision

The effective date for repealing specific subsections of Minnesota Statutes 53B.69 and 53B.75 was changed from August 1, 2026, to January 17, 2027.

New requirements were added mandating that virtual currency kiosk operators must allow customers to receive payouts of their funds or virtual currency by December 31, 2026, either in cash or to a designated digital wallet.

A new definition for 'virtual currency kiosk' was added, defining it as an electronic terminal acting as a mechanical agent or a person facilitating the exchange of virtual currency for money.

The document title and header were changed from '1st Engrossment' to '1st Unofficial Engrossment', and the posted timestamp was updated from 11:39 a.m. to 09:30 a.m.

The repeal of existing definitions and general virtual currency business activity sections (53B.69 subdivisions 1, 2, 3, 3a, 4, 5, 6a, 7, 8, 9, 13 and sections 53B.70-74) was removed, preserving the current regulatory framework for virtual currency businesses.

The list of repealed statutes was shortened to only include subdivisions 3b, 3c, 11, and 12 of section 53B.69 and section 53B.75, significantly reducing the bill's disruptive effect on existing laws.

The bill title and section headers were updated to reflect the '1st Engrossment' status, and the new prohibition section was renumbered from 53B.691 to 53B.741.