Bill > S707

This bill establishes comprehensive regulations for virtual currency kiosks in Massachusetts, focusing on preventing fraud and protecting consumers. The legislation requires virtual currency kiosk operators to be licensed as money transmitters, register their kiosks with state authorities, and provide clear disclosures about the risks of virtual currency transactions. Operators must use blockchain analytics software to prevent fraudulent transactions, maintain an anti-fraud policy, and designate a full-time compliance officer. The bill limits daily transactions to $1,000 per customer and caps transaction fees at either $5 or 3% of the transaction value. Additionally, kiosks must provide live customer service and offer refunds to new customers who have been fraudulently induced to make transactions within a 30-day period. The bill also creates a special 25-member commission to investigate blockchain technology's potential uses in government and business, examining its feasibility, risks, and benefits across various sectors. Furthermore, the state treasurer is tasked with developing a digital module to help Massachusetts residents understand virtual currencies, with specific resources for older adults to prevent fraud. The goal is to create a robust regulatory framework that protects consumers while allowing responsible innovation in the virtual currency space.

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https://malegislature.gov/Bills/194/S707