Bill > S0016

This bill establishes comprehensive regulation of virtual currency kiosks by the Department of Business Regulation (DBR) to prevent fraud and protect consumers. The legislation introduces mandatory licensing for virtual currency kiosk operators, requiring them to register each kiosk with the DBR and submit quarterly reports on kiosk locations. Operators must provide clear, prominent disclosures to customers about the risks of virtual currency transactions, including warnings about potential scams, irreversible transactions, and the lack of government insurance. The bill mandates that operators use blockchain analytics software to prevent transactions to wallets associated with fraudulent activity and establishes daily transaction limits of $2,000 for new customers and $5,000 for existing customers. Additionally, operators must designate a full-time compliance officer, maintain an anti-fraud policy, and provide live customer service during specified hours. The bill also introduces consumer protections such as refund options for customers who have been fraudulently induced to make transactions, with different rules for new and existing customers. These provisions aim to create a more transparent and secure environment for virtual currency transactions while providing safeguards against potential financial fraud.

Business and Industry

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