Bill > SB0980

This bill, titled the "Cryptocurrency Kiosk Fraud Prevention Act," aims to prohibit the installation and operation of cryptocurrency kiosks within the state. Cryptocurrency is defined as digital currency secured by encryption, operating independently of a central bank, while fiat currency is government-issued money not backed by a commodity. A cryptocurrency kiosk is an electronic terminal that allows for the exchange of traditional money (fiat currency) for cryptocurrency or vice versa, whether by connecting to an external exchange or using the operator's own cryptocurrency. The bill makes it illegal for any person, including individuals and various business entities, to install or operate such kiosks, or to permit them on property they own, lease, or control. Violators face significant civil fines, with a first offense incurring a penalty of $2,000 to $5,000, and subsequent offenses escalating to $5,000 to $10,000.