Bill > H4592

This bill introduces comprehensive regulations for virtual currency kiosks in South Carolina by defining key terms like "virtual currency" (a digital unit used as a medium of exchange) and establishing operational requirements for kiosk owners and operators. The legislation mandates that virtual currency kiosk operators obtain a money transmitter license and provide extensive disclosures to customers, including a prominent warning about potential fraud and detailed transaction information. The bill sets transaction limits for new customers ($2,000 daily) and existing customers ($10,500 daily), requires electronic receipts with specific transaction details, and provides a refund mechanism for customers who can prove their first transaction was fraudulent. Additionally, the bill defines various technical terms like "blockchain technology" and "transaction hash" and clarifies what does and does not qualify as virtual currency, excluding certain digital units used in gaming platforms or rewards programs. The primary goal is to protect consumers by ensuring transparency, providing clear risk warnings, and establishing a regulatory framework for digital asset transactions through kiosks.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4592&session=126&summary=B