Bill > S1333

This bill establishes the Virtual Currency Kiosk Fraud Prevention Act, requiring operators of virtual currency kiosks—machines that exchange legal tender for digital assets like Bitcoin—to be licensed money transmitters. Operators must maintain detailed records, submit quarterly and annual reports to the Idaho Department of Finance, and provide clear disclosures to users about transaction fees, exchange rates, and the risks of scams, including a prominent warning about potential fraud. The act mandates live customer service seven days a week, provides for both paper and electronic transaction receipts with specific details, and implements measures to prevent fraudulent activity and money laundering, such as using blockchain analytics software and imposing transaction limits for new customers, who are also entitled to a delayed settlement and a full refund for fraudulent transactions within a specific timeframe. Furthermore, the bill outlines procedures for transaction fee refunds in cases of fraud, requires operators to cooperate with investigations by providing transaction data and blockchain analytics, and establishes penalties for violations, including potential license revocation and misdemeanor charges for willful violations, while also allowing for information sharing between agencies to combat virtual currency kiosk fraud, particularly concerning potentially vulnerable older adults.

Government Affairs, Justice

State Affairs Committee (Senate)

https://legislature.idaho.gov/sessioninfo/2026/legislation/S1333/