Bill > SB5280

This bill aims to protect consumers using virtual currency kiosks, which are electronic terminals for exchanging virtual currency for money or other virtual currency, by establishing new regulations for businesses operating them. It mandates that licensees operating these kiosks must report all their branch locations and authorized delegates to the nationwide licensing system at least 30 days before starting business in Washington, and maintain accurate records. The bill also sets a daily transaction limit of $2,000 per customer at these kiosks and caps the total fees and charges for virtual currency transactions at the greater of $5 or 15% of the transaction's value. Before a consumer can initiate a transaction, kiosks must clearly display information about the licensee, customer assistance, and warnings about fraud, including the potential loss of funds with no recourse. Upon completion of any transaction, a detailed receipt must be provided to the customer, including transaction specifics, fees, exchange rates, transaction hashes, and customer virtual currency addresses. Additionally, the bill amends existing law to require licensees to report branch locations and authorized delegates to the nationwide licensing system within 30 days of a contractual agreement, rather than the previous 30 days, and clarifies that this reporting requirement applies unless otherwise specified in the chapter. The legislature's findings highlight a rise in financial fraud involving virtual currency, with Washington experiencing a high rate of imposter scams where scammers increasingly demand payment in virtual currency due to its untraceable and irreversible nature.

Business and Industry

https://app.leg.wa.gov/billsummary?BillNumber=5280&Year=2025&Initiative=false