Bill > SB5280

This bill aims to protect consumers from fraud and financial risks associated with virtual currency kiosks by establishing new regulations for businesses operating these machines. The legislation requires virtual currency kiosk operators to report their branch locations to a nationwide licensing system at least 30 days before beginning operations, and limits daily transactions to $1,000 per customer. Kiosk operators must provide clear, comprehensive disclosures before and after transactions, including warnings about potential fraud and a detailed receipt that includes transaction specifics like type, amount, fees, exchange rate, and transaction identification. The bill caps fees and charges at either $5 or 5% of the transaction value, whichever is greater, and mandates that kiosks display the licensee's contact information, customer assistance details, and fraud alerts. The legislature's motivation stems from increasing reports of virtual currency scams, particularly in Washington state, where the Federal Trade Commission noted a high number of imposter scams involving virtual currency payments that are typically difficult to trace or reverse. By implementing these consumer protections, the bill seeks to reduce financial fraud while exercising the state's police power to promote public safety, though it explicitly states that it does not create a direct legal duty for the state to individual consumers.

Business and Industry

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