Bill > H1247

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 detailed disclosures to customers about the risks of virtual currency transactions. Operators must use blockchain analytics software to prevent transactions to fraudulent wallet addresses, maintain a written 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 issue refunds to new and existing customers who have been fraudulently induced to make transactions. The bill also establishes a special commission to investigate blockchain technology's potential uses in government and business, examining its feasibility, risks, and benefits across various sectors. Furthermore, it mandates that the state treasurer develop educational resources about virtual currencies, with specific materials tailored for older adults to help them understand and protect themselves from potential scams.

Business and Industry

https://malegislature.gov/Bills/194/H1247