Bill > A10899

This bill establishes new regulations for "crypto kiosks" (electronic terminals or retail locations where people can exchange money for virtual currency) and "cashier crypto exchanges" (methods of exchanging virtual currency through a retailer acting as an agent). Operators of these services must register with the state, clearly display their registration and contact information, and provide consumers with comprehensive disclosures about fees, exchange rates, and terms before transactions. The bill mandates prominent warnings about potential scams, requires transaction receipts with detailed information, and ensures live customer service is available. It also introduces a 72-hour hold period for transactions of $1,000 or more, allowing consumers to cancel and receive a full refund, and establishes strict rules for fraud refunds, requiring operators to refund consumers within 72 hours of receiving necessary documentation, regardless of any prior waivers. Furthermore, the bill limits total fees to 3% of the transaction value, prohibits cashier crypto exchanges from transmitting virtual currency directly, mandates operators to use blockchain analytics to prevent fraud and money laundering, and sets daily and monthly transaction limits for users. The legislation aims to protect consumers by establishing clear rules, disclosure requirements, and penalties for non-compliance, including civil penalties and the potential revocation of registration.