Bill > LD1205

This bill introduces comprehensive regulations for virtual currency kiosks in Maine, defining these machines as automated, electronic devices that allow users to exchange cash for virtual currency or engage in money transmission. The legislation requires operators of these kiosks to obtain a money transmitter license and imposes strict transaction limits and fee restrictions. Specifically, operators are prohibited from processing more than $1,000 in transactions per day for a single customer and can only charge fees that do not exceed the greater of $5 or 3% of the transaction's value. The bill also mandates that if a kiosk operator allows another entity to conduct virtual currency business through their machine, they must verify that the entity is properly licensed and compliant with all relevant regulations. Additionally, the bill requires the Commissioner of Professional and Financial Regulation to submit a report by December 3, 2025, examining customer protection measures against potential fraudulent activities in virtual currency kiosk operations, with the possibility of introducing further legislative recommendations based on the report's findings.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1205&snum=132