Relating to the regulation of virtual currency kiosks; providing an administrative penalty.
What changed between versions
New registration and licensing requirements for virtual currency kiosk operators, including prior approval from the department before activating kiosks.
Daily transaction limit of $3,000 per customer to prevent large-scale virtual currency purchases through kiosks.
Mandatory use of blockchain analytics software to prevent sending purchased virtual currency to wallets affiliated with fraudulent activity.
Requirement for full-time compliance officers who cannot own more than 20% of the operator company.
New identification requirements including scanning customer driver's licenses and requiring recipients to register wallets with the operator.
72-hour hold on transactions initiated by first-time customers to allow for fraud detection.
Detailed disclosure requirements including material risks, transaction terms, and a prominent warning about irreversible transactions and fraud risks.
Fee limitations restricting charges to the greater of $5 or 12% of the transaction value to prevent excessive fees.
Customer service requirements including live support hours and display of contact information on kiosks.
Physical warning signs required at kiosk locations stating that law enforcement does not accept virtual currency payments.
Administrative penalties up to $5,000 per violation for non-compliance, with provisions for cease and desist orders and consent orders.
Changed request for law enforcement information from 24 hours to 72 hours, allowing operators more time to respond to requests.
How they voted
Actions timeline
Sponsors
