Bill > SB1083

This bill establishes comprehensive regulations for digital asset kiosks (electronic terminals that facilitate digital asset exchanges) in Oklahoma. The legislation requires operators to obtain a money transmitter license, submit quarterly location reports, and comply with extensive consumer protection measures. Operators must disclose clear warnings about the risks of digital asset transactions, including potential fraud, lack of government insurance, and market volatility. The bill limits daily transactions for new customers to $2,000, caps transaction fees at 15% of the digital asset's value, and mandates live customer support during specific hours. Digital asset kiosk operators must use blockchain technology to prevent transactions to known fraudulent wallets, maintain an anti-fraud policy, and designate a full-time compliance officer. The law provides legal recourse for customers who are fraudulently induced into transactions, offering potential refunds for new and existing customers who report fraud within 14 days. Violations can result in misdemeanor charges, fines ranging from $600 to $2,000, potential jail time, and seizure of the digital asset kiosk. The Banking Department is authorized to create rules implementing these provisions, and the law is set to take effect on November 1, 2025.

Business and Industry, Government Affairs, Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1083&Session=2600