Bill > HB1625

This bill, titled the "Money Transmission Modernization Act for Virtual Currency Kiosks," requires any entity operating a virtual currency kiosk (a machine where consumers can exchange cash for virtual currency or vice versa) to be licensed as a money transmitter under Mississippi's Money Transmission Modernization Act. It defines key terms like "virtual currency kiosk," "virtual currency kiosk operator," and "virtual currency kiosk transaction." The bill mandates that operators provide clear disclosures about the risks associated with virtual currency, including that it's not government-insured and transactions are irreversible, and requires them to obtain customer acknowledgment of these risks. Operators must also provide customers with detailed receipts for each transaction, including fees and exchange rates, and are subject to fee limits (not exceeding 20% of the transaction amount) and daily transaction limits ($1,000 for new customers, $7,500 for existing customers, with a 14-day new customer limit of $5,000). The bill also introduces measures to prevent fraud, such as requiring operators to ask customers specific questions about potential scams and to use blockchain analytics software to identify risky virtual currency addresses, with special protections and verification steps for elder adults. Furthermore, it allows for civil forfeiture of property used in or derived from certain criminal activities and amends existing laws to include virtual currency kiosk activity under money transmission licensing and grounds for license suspension or revocation.

Business and Industry

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1625.xml