SB 887 West Virginia Senate · 2026 Regular Session

Relating to requirements for licensure and regulation of money transmission services

SB 887 updates West Virginia's licensing rules for money transmission services to include virtual currency kiosks. It requires businesses operating these kiosks to obtain a money transmission license, sets disclosure requirements for customers using them, and clarifies that kiosks operate as delegates of licensed money transmitters. The bill directly affects businesses offering virtual currency services through kiosks in the state. Key provisions define "virtual currency kiosks" under money transmission regulations, establish a licensure start date for kiosks, and address conflicts between state and federal law on money transmission.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 9, 2026 Last action Feb 19, 2026

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What changed between versions

Introduced Version → Committee Substitute · 7 edits

MODERATE

The bill was amended to broaden its scope by explicitly including virtual currency kiosks within money transmission licensure and adding new definitions for virtual currency terms. The changes introduce stricter consumer protections, such as enhanced disclosures for elderly customers, higher transaction limits for existing users, and a new requirement for a Chief Compliance Officer. Additionally, the effective date for kiosk licensure was adjusted to apply to operators already doing business in the state, rather than setting a future start date for all applicants.

Scope change

The bill's scope was expanded to explicitly cover virtual currency kiosks and their operators as delegates of money transmission licensees, and it added a specific section for virtual currency kiosk requirements.

DEFINITION

Updated definitions to clarify 'money transmission' to include virtual currency kiosks and added new definitions for terms like 'virtual currency administration' and 'virtual currency control-services vendor'.

TIMELINE

Changed the licensure timeline to require existing kiosk operators to apply within 90 days of the amendment's effective date, removing the previous fixed start date of January 1, 2027.

REQUIREMENT

Added a new section requiring enhanced due diligence for elderly customers, including risk-based pre-transaction procedures and temporary holds for high-risk transactions.

Increased the maximum daily transaction limit for existing customers from $2,500 to $10,000.

Mandated the appointment of a Chief Compliance Officer who cannot own more than 20% of the licensee.

Revised fee caps to allow up to 15% of the transaction amount (previously $5 or 10%) and updated receipt requirements to include wallet addresses.

Added authority for the Commissioner to provide interpretive guidance when state laws conflict with federal laws regarding money transmission.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 19, 2026

Committee

To Finance

upper

Feb 19, 2026

Committee

Committee substitute reported, but first to Finance

upper

Feb 9, 2026

Committee

To Banking and Insurance

upper

Feb 9, 2026

Introduced

Introduced in Senate

upper

Feb 9, 2026

Committee

To Banking and Insurance then Finance

upper

1 primary · 8 co-sponsors