Bill > SB305

This bill establishes comprehensive regulations for virtual currency kiosks in Maryland, beginning January 1, 2026. The bill requires virtual currency kiosk operators to register with the Commissioner of Financial Regulation, providing detailed information about their kiosks and operations. Operators must renew their registration annually and may be subject to registration fees. The bill introduces new definitions for terms like "virtual currency," "new user," and "experienced user," and sets specific transaction limits based on user experience: new users are limited to $2,000 per day, while experienced users can transact up to $10,500 daily. Operators must collect extensive customer information before transactions, including name, date of birth, contact details, and government-issued identification. The bill mandates on-screen disclosures about the risks of virtual currency, including warnings about potential fraud and the lack of government insurance. Kiosks must provide detailed transaction receipts and maintain live customer support during business hours. The Commissioner is authorized to investigate violations and impose civil penalties up to $1,000 for each knowing and willful violation, with each day of non-compliance considered a separate offense. The legislation aims to protect consumers by creating a regulatory framework for virtual currency transactions at automated kiosks.

Budget and Finance, Business and Industry

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0305?ys=2025RS