Bill > S1359

This bill establishes the Virtual Currency Kiosk Fraud Prevention Act, which aims to protect consumers using virtual currency kiosks, which are machines that exchange legal tender for virtual currency, a type of digital asset. Key provisions include requiring operators of these kiosks to be licensed money transmitters, implement mandatory disclosures to users about risks and fees, provide clear transaction receipts, and offer live customer service. The act also mandates that operators use blockchain analytics and tracing software to detect and prevent fraud and money laundering, sets limits on transactions for new customers, and allows for refunds in cases of fraud, particularly for new customers within a specified timeframe. Furthermore, it allows for information sharing between government agencies and law enforcement regarding suspected fraud involving virtual currency kiosks, and outlines penalties for violations, including fines and potential revocation of licenses, with violations also considered unfair and deceptive practices under consumer protection law.

Business and Industry, Government Affairs, Justice

State Affairs Committee (Senate)

https://legislature.idaho.gov/sessioninfo/2026/legislation/S1359/