Bill > HB5353

This bill amends West Virginia law to bring virtual currency kiosks, which are automated machines for exchanging cash for virtual currency, under the same regulations as traditional money transmitters. This means operators of these kiosks will need to be licensed and will face new requirements, including providing clear disclosures about the risks of virtual currency, such as its volatility and the irreversibility of transactions, and ensuring customers acknowledge these risks. The bill also establishes receipt requirements for virtual currency transactions, limits fees and commissions to a maximum of 15% of the transaction amount, and imposes daily transaction limits of $1,000 for new customers and $10,000 for existing customers. Furthermore, it mandates that fraudulent virtual currency transactions for new customers within their first 10 days of registration can be canceled and refunded under specific conditions, and it clarifies that virtual currency kiosks are considered delegates of a licensed money transmitter. The bill also addresses potential conflicts with federal law and allows the Commissioner of Financial Institutions to issue guidance on compliance.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5353&year=2026&sessiontype=RS&btype=bill