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Bill > SB1015
PA SB1015
PA SB1015Providing for regulation and reporting requirements for qualifying virtual currency kiosk operators and for money transmitter license; and imposing duties on the Department of Banking and Securities.
summary
Introduced
09/17/2025
09/17/2025
In Committee
09/17/2025
09/17/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Providing for regulation and reporting requirements for qualifying virtual currency kiosk operators and for money transmitter license; and imposing duties on the Department of Banking and Securities.
AI Summary
This bill establishes comprehensive regulations for virtual currency kiosk operators in Pennsylvania, requiring them to meet several important compliance and consumer protection standards. The legislation defines key terms like virtual currency and blockchain, and mandates that kiosk operators disclose material risks to customers, including warnings about the volatile and unregulated nature of virtual currencies, potential fraud risks, and the lack of government backing. Virtual currency kiosk operators must obtain a money transmitter license, designate both a compliance officer and a consumer protection officer, maintain written anti-fraud and elder protection policies, and provide 24-hour customer service. Additionally, operators must use blockchain analytics to prevent transactions to fraudulent digital wallets, provide detailed receipts for each transaction, and report their kiosk locations to the Department of Banking and Securities quarterly. The bill aims to protect consumers by ensuring transparency, preventing fraud, and establishing clear operational guidelines for virtual currency kiosk businesses operating in Pennsylvania, with operators required to comply with both state and federal laws. The regulations will take effect 60 days after the bill's passage.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Referred to Communications & Technology (on 09/17/2025)
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