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Bill > AB384

WI AB384

WI AB384
Virtual currency kiosks.

summary

Introduced
07/31/2025
In Committee
07/31/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

This bill requires a virtual currency kiosk operator to be licensed as a money transmitter and imposes certain regulatory requirements on virtual currency kiosk operators in addition to those that apply to money transmitters. Under current law, the Division of Banking (division) in the Department of Financial Institutions regulates money transmitters. With exceptions, a person may not engage in the business of money transmission unless the person is licensed by the division. XMoney transmissionY means selling or issuing payment instruments or stored value, such as checks, money orders, or prepaid cards, to a person located in this state or receiving money for transmission from a person located in this state. XMoneyY is not defined to include virtual currency such as cryptocurrency. Under the bill, a person may not engage in the business of operating virtual currency kiosks in this state unless the person is licensed by the division as a money transmitter. A Xvirtual currency kioskY is defined as an electronic terminal or retail location, in this state, from which a person may exchange fiat currency (money) for virtual currency or virtual currency for money or other virtual currency. The bill requires a virtual currency kiosk operator to affix a specified printed warning to the front of each virtual currency kiosk and to electronically display this warning on the kiosk[s screen, which the customer must acknowledge to proceed with the transaction. The bill also includes customer identification requirements. Before entering into an initial transaction with an individual, a virtual currency kiosk operator must verify the individual[s identity by collecting certain information, including the individual[s full legal name, date of birth, and contact information, and obtaining a copy of the individual[s driver[s license, passport, or other government-issued identification document. In each transaction, the virtual currency kiosk operator must verify the customer[s identity before accepting payment from or dispensing funds to the customer and take a photograph of the customer at the virtual currency kiosk. The bill limits virtual currency kiosk transactions to $1,000 per customer per day. The bill also limits the fees a virtual currency kiosk operator may charge a customer per transaction to the greater of $5 or 3 percent of the transaction amount. A virtual currency kiosk operator must issue a refund to a customer, upon the customer[s request, for the full amount of a transaction if 1) the customer was fraudulently induced to engage in the transaction and 2) within 30 days after the transaction, the customer contacted the virtual currency kiosk operator and a government or law enforcement agency to inform them of the fraudulent nature of the transaction.

AI Summary

This bill requires operators of virtual currency kiosks (electronic terminals where people can exchange traditional money for cryptocurrency or vice versa) to obtain a money transmitter license from the Division of Banking and comply with several new regulatory requirements. The bill mandates that kiosk operators display a prominent fraud warning on the machine, both in print and electronically, which customers must acknowledge before proceeding with a transaction. Operators must also verify customer identities by collecting detailed personal information, including full name, date of birth, contact details, and obtaining a government-issued ID before the first transaction. For each transaction, operators must verify the customer's identity, take a photograph of the customer, and adhere to strict transaction limits: no more than $1,000 per customer per day and transaction fees cannot exceed $5 or 3 percent of the transaction amount. Additionally, the bill requires operators to issue a full refund if a customer was fraudulently induced into a transaction and reports the fraud to the kiosk operator and a government agency within 30 days. These provisions aim to enhance consumer protection and prevent potential financial fraud in cryptocurrency transactions conducted through kiosks.

Committee Categories

Business and Industry

Sponsors (18)

Last Action

Representative J. Jacobson added as a coauthor (on 01/08/2026)
(1 Companion Bills)

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