summary
Introduced
12/01/2023
12/01/2023
In Committee
12/13/2023
12/13/2023
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
2024 Regular Session
Bill Summary
An act relating to virtual currency kiosk businesses; amending s. 560.103, F.S.; defining terms and revising the definition of the term “control person”; amending s. 560.105, F.S.; requiring the Office of Financial Regulation of the Financial Services Commission to supervise virtual currency kiosk businesses; authorizing the commission to adopt rules; creating part V of ch. 560, F.S., entitled “Virtual Currency Kiosk Businesses”; creating s. 560.501, F.S.; providing legislative intent; creating s. 560.502, F.S.; prohibiting a virtual currency kiosk business from operating without registering or renewing its registration in accordance with certain provisions; requiring the office to make certain notifications; requiring certain entities to be licensed as money services businesses; providing criminal penalties for certain entities that operate or solicit business as a virtual currency kiosk business under certain circumstances; providing criminal penalties for persons who register or attempt to register as a virtual currency kiosk business by certain means; providing that a virtual currency kiosk business registration is not transferable or assignable; creating s. 560.503, F.S.; specifying application requirements for registering as a virtual currency kiosk business; requiring certain virtual currency kiosk businesses to submit an application within a specified timeframe; requiring a registrant to report certain changes in information within a specified timeframe; requiring a registrant to renew its registration at a specified timeframe; specifying requirements for a registrant to renew its registration; requiring that the registration of a virtual currency kiosk business be made inactive if such business does not renew its registration by a certain date; specifying requirements for a virtual currency kiosk business to renew its registration after becoming inactive; providing that a registration becomes null and void under certain circumstances; providing requirements if a registration becomes null and void; requiring the office to deny certain applications under certain circumstances; requiring that certain applications be denied under certain circumstances; providing that certain false statements made by the virtual currency kiosk business render its registration void; authorizing the commission to adopt rules; creating s. 560.504, F.S.; specifying requirements for specified disclosures and attestations displayed by the virtual currency kiosk; authorizing the commission to adopt rules; creating s. 560.505, F.S.; requiring an owner-operator to transact business under its legal name; providing exceptions; requiring an owner-operator to maintain certain policies, processes, and procedures; creating s. 506.506, F.S.; providing criminal penalties for violations of certain provisions or performing certain acts; authorizing a court to invalidate the registration of a registrant under certain circumstances; providing effective dates.
AI Summary
This bill:
- Defines key terms related to virtual currency kiosk businesses, such as "blockchain analytics," "control person," "owner-operator," "virtual currency kiosk," and "virtual currency kiosk business."
- Requires the Office of Financial Regulation to supervise virtual currency kiosk businesses and authorizes the Financial Services Commission to adopt rules for regulating them.
- Creates a new part of Chapter 560 (the Florida Money Transmitters Code) specifically for virtual currency kiosk businesses.
- Prohibits virtual currency kiosk businesses from operating without first registering or renewing their registration with the state, and imposes criminal penalties for non-compliance.
- Establishes requirements for virtual currency kiosk business registration applications, including disclosures about the business, control persons, and use of blockchain analytics.
- Requires virtual currency kiosk businesses and licensed money transmitters to display specific disclosures and obtain customer attestations before completing transactions, in order to address consumer fraud risks.
- Mandates that owner-operators conduct business under their legal name, maintain certain policies and procedures, and use blockchain analytics to prevent transfers to wallet addresses linked to criminal activity.
- Establishes criminal penalties for various violations related to virtual currency kiosk businesses.
- Takes effect on January 1, 2025, except for the registration requirement which takes effect on March 1, 2025.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Banking and Insurance (Senate)
Last Action
Died in Fiscal Policy (on 03/08/2024)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
- ‐ Consumer Safety and Consumer Fraud
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...