Bill > S0292

Introduced Session

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; requiring that rules adopted to regulate virtual currency kiosk businesses be responsive to certain changes; 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; specifying that certain money transmitters are exempt from registration but are subject to certain provisions; requiring that certain entities that perform or prevent certain actions 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 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 an inactive registration; 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; providing that certain false statements made by a 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 a virtual currency kiosk; authorizing the commission to adopt rules; creating s. 560.505, F.S.; requiring an owner-operator to transact business under the legal name by which it is registered; providing exceptions; requiring an owner operator to maintain certain policies, processes, and procedures; requiring an owner-operator to use blockchain analytics; creating s. 560.506, F.S.; providing criminal penalties; authorizing a court to invalidate the registration of a registrant under certain circumstances; providing effective dates.

AI Summary

Colleen Burton (R)*, 

Died in Banking and Insurance (on 06/16/2025)

Official Document