Bill > H0977

Introduced Session

An act relating to virtual currency kiosk businesses; amending s. 560.103, F.S.; defining terms; amending s. 560.105, F.S.; requiring the Office of Financial Regulation of the Financial Services Commission to supervise registrants; 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 with the state; providing exemptions; requiring certain entities to be licensed as money services businesses; providing criminal penalties for money transmitters 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 a registrant to report certain changes in information within 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; prohibiting the office from accepting 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 registration void; providing construction; authorizing the commission to adopt rules; creating s. 560.504, F.S.; specifying requirements for certain disclosures and attestations displayed by the virtual currency kiosk; authorizing the commission to adopt rules; creating s. 560.505, F.S.; requiring a registrant to transact business under its legal name; providing exceptions; creating s. 560.506, F.S.; requiring a registrant to hold new customers' assets in initial transactions in segregated wallets for a specified period before initiating transactions; authorizing customers to request refunds during such holding periods; authorizing such customers' assets to be sold at market value and returned to the customers; requiring certain customers to be queried for specified information under certain circumstances; creating s. 560.507, F.S.; providing criminal penalties for violation of certain provisions or performing certain acts; authorizing a court to invalidate the registration of a registrant under certain circumstances; providing an effective date.

AI Summary

Committee Categories

Dan Daley (D)*,  Kevin Steele (R)*, 

Died in Insurance & Banking Subcommittee (on 03/08/2024)

Taxonomy

Official Document