summary
Introduced
10/15/2025
10/15/2025
In Committee
11/03/2025
11/03/2025
Crossed Over
Passed
Dead
03/13/2026
03/13/2026
Introduced Session
2026 Regular Session
Bill Summary
An act relating to virtual currency kiosks; amending s. 560.103, F.S.; revising the definition of the term “money services business”; defining terms; amending s. 560.105, F.S.; revising the requirements for certain rules adopted by the Financial Services Commission; amending s. 560.114, F.S.; revising the actions by money services businesses, authorized vendors, or affiliated parties which constitute grounds for disciplinary action; amending s. 560.125, F.S.; prohibiting persons from engaging in certain business unless they are registered or exempt from registration; creating part V of ch. 560, F.S., entitled “Virtual Currency Kiosk Businesses”; creating s. 560.501, F.S.; defining terms; creating s. 560.502, F.S.; prohibiting a virtual currency kiosk business from operating in this state without registering or renewing its registration; requiring the Office of Financial Regulation to give a specified notice to applicants; specifying that certain money transmitters are exempt from registration as a virtual currency kiosk business but are subject to certain provisions; prohibiting certain entities from performing certain actions without being licensed as a money services business; specifying that virtual currency kiosk business registrations are not transferable or assignable; creating s. 560.503, F.S.; requiring applicants to submit certain information to the office to be registered as a virtual currency kiosk business; requiring certain virtual currency kiosk businesses to submit a registration application to the office by a specified date; requiring registrants to report a change in the information within a specified timeframe; requiring registrants to renew their registration annually; specifying requirements for a renewal application; requiring registrants to be made inactive for a specified timeframe under certain circumstances; prohibiting registrants from conducting business while registration is inactive; specifying requirements for registrants to renew an inactive registration; providing that a renewal registration becomes effective on a specified date; requiring the office to approve applications for renewal registration within a specified timeframe; providing that a registration expires under certain circumstances; providing requirements if a registration expires; authorizing the office to deny certain applications under certain circumstances; providing that certain false statements made by a virtual currency kiosk business render its registration void; providing construction; creating s. 560.504, F.S.; requiring a virtual currency kiosk business to ensure that its virtual currency kiosk requires certain attestations from the customer and displays a certain disclosure; creating s. 560.505, F.S.; prohibiting a virtual currency kiosk business from permitting new or existing customers from transacting more than specified dollar amounts per calendar day; creating s. 560.506, F.S.; requiring a virtual currency kiosk business to provide a customer with a specified physical or electronic receipt upon completion of a virtual currency transaction; creating s. 560.507, F.S.; requiring a virtual currency kiosk business to issue a full refund under certain circumstances; providing effective dates.
AI Summary
This bill establishes regulations for virtual currency kiosk businesses in Florida, defining key terms like "virtual currency kiosk" (an electronic terminal for exchanging virtual currency for fiat currency or other virtual currency) and "virtual currency kiosk business" (a company offering these services). It requires such businesses to register with the Office of Financial Regulation, with exceptions for existing licensed money transmitters who must still comply with certain provisions. The bill mandates that applicants provide detailed information, including their organizational structure and a commitment to using blockchain analytics to prevent illicit activity. It sets daily transaction limits for new ($2,000) and existing ($10,000) customers, requires businesses to display a fraud warning, and mandates that customers receive a detailed receipt for each transaction. Furthermore, it mandates a full refund for a customer's first transaction within 72 hours if fraud is reported within 60 days and proof is provided, and it outlines procedures for registration renewal, inactivity, and expiration, with penalties for non-compliance.
Committee Categories
Business and Industry
Sponsors (2)
Other Sponsors (2)
Banking and Insurance (Senate), Rules (Senate)
Last Action
Laid on Table, refer to CS/HB 505 (on 02/25/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...