Bill > HB483

This bill establishes comprehensive regulations for virtual currency kiosks (electronic terminals that exchange virtual currency for traditional government-issued currency) in Louisiana. The legislation introduces several key provisions, including defining terms like "virtual currency kiosk" and "fiat currency", mandating a maximum daily transaction limit of $3,000 per user, requiring a 72-hour waiting period or refund option for transactions, and compelling kiosk operators to implement robust anti-fraud and enhanced due diligence policies. Kiosk operators must use blockchain analytics software to prevent transactions to digital wallets associated with fraudulent activities, and must post a clear warning on each machine alerting users about potential scams. The bill also requires operators to obtain a license, establish written policies for fraud prevention and risk assessment, and identify individuals at risk of fraud based on age or mental capacity. Additionally, each kiosk must display a prominent warning about potential fraud, explicitly stating that no government official will ever request cash deposits into a cryptocurrency machine. These regulations aim to protect consumers and create a more secure environment for virtual currency transactions.