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Bill > HB665
VA HB665
VA HB665Financial institutions and services; virtual currency kiosk operators, license required, penalties.
summary
Introduced
01/13/2026
01/13/2026
In Committee
02/09/2026
02/09/2026
Crossed Over
02/05/2026
02/05/2026
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Financial institutions and services; virtual currency kiosk operators; license required; penalties. Establishes requirements for the operation of virtual currency kiosks, as defined in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain disclosures, and take reasonable steps to detect and prevent fraud and money laundering. The bill prohibits operators from accepting transactions above specified daily and monthly limits and establishes a maximum transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia Consumer Protection Act.
AI Summary
This bill requires operators of virtual currency kiosks, which are electronic terminals used to exchange virtual currency for money or other virtual currency, to obtain a license from the State Corporation Commission. Licensed operators, referred to as "licensees," must adhere to several regulations, including filing annual and quarterly reports detailing their operations, providing specific disclosures to users about the risks of virtual currency and transaction terms, and implementing measures to detect and prevent fraud and money laundering, such as using blockchain analytics and tracing software. The bill also sets limits on daily and monthly transactions for new users and all users, caps transaction charges at 10 percent of the transaction value, and mandates that licensees provide live customer service during specified hours. Violations of these provisions can result in fines of up to $1,000 per violation, and any violation of this chapter is considered a prohibited practice under the Virginia Consumer Protection Act, which allows for further enforcement actions and penalties.
Committee Categories
Business and Industry
Sponsors (8)
Michelle Lopes-Maldonado (D)*,
Jessica Anderson (D),
Nicole Cole (D),
Michael Feggans (D),
Jackie Glass (D),
Sam Rasoul (D),
Irene Shin (D),
Shelly Simonds (D),
Last Action
Senate Commerce and Labor Hearing (19:00:00 2/23/2026 Senate Room A, Room 305, General Assembly Building) (on 02/23/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB665 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (HB665) | https://lis.blob.core.windows.net/files/1127924.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB665/text/HB665H1 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB665/text/HB665HC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (HB665) | https://lis.blob.core.windows.net/files/1098836.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB665/text/HB665 |
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