Bill > SB489

This bill establishes new regulations for virtual currency kiosks, requiring operators to obtain a license from the State Corporation Commission (SCC) to conduct business in the Commonwealth. Licensed operators, referred to as "licensees," must adhere to several requirements, including filing annual and quarterly reports detailing their operations, providing specific disclosures to users about the risks of virtual currency, and implementing measures to detect and prevent fraud and money laundering, such as using blockchain analytics software. The bill also sets limits on transaction amounts for new users and all users, with daily limits of $2,000 for new users and $5,000 for all users, and a monthly limit of $10,000 for all users. Additionally, it caps the maximum transaction charge at 18% of the transaction's value. Violations of these provisions can result in fines of up to $1,000 per violation and are also subject to the enforcement mechanisms of the Virginia Consumer Protection Act, which prohibits unfair or deceptive trade practices.

Budget and Finance, Business and Industry

https://lis.virginia.gov/bill-details/20261/SB489