Bill > SB779

This bill creates the "Virtual Currency Kiosk Consumer Protection Act", which establishes comprehensive regulations for virtual currency kiosks in Missouri. The bill defines key terms like virtual currency, blockchain, and digital wallet, and requires virtual currency kiosk operators to comply with extensive consumer protection measures. These include mandatory disclosures about the risks of virtual currency (such as lack of government backing, potential for fraud, and price volatility), providing detailed transaction receipts, implementing blockchain analytics to prevent fraudulent transactions, and maintaining live customer service. Operators must also designate a compliance officer and a consumer protection officer, submit quarterly reports on kiosk locations, and obtain a money transmitter license. The bill mandates that operators develop written anti-fraud and enhanced due diligence policies, with specific requirements for identifying and mitigating risks, particularly for vulnerable individuals. Additionally, the bill aligns with federal regulations like the Bank Secrecy Act and PATRIOT Act, ensuring that federal laws take precedence in case of inconsistencies. The legislation aims to protect consumers by increasing transparency, accountability, and safety in virtual currency transactions conducted through kiosks.

Business and Industry

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=6349874