The bill would require virtual currency kiosk operators to register their kiosk locations and update the list at least every 90 days. Operators would have to show customers transaction terms, fees, and fraud warnings, get customers’ consent, provide receipts, maintain fraud-prevention plans, and use blockchain analytics to identify possible fraud. New customers would face transaction limits of $2,000 in 24 hours and $10,000 total. For transactions linked to fraud, customers could apply for refunds within 30 days. New customers could receive the full transaction amount and fees; existing customers could receive their fees. The bill would also require live customer service and a compliance officer. Its requirements would take effect 90 days after enactment.
If you use a virtual currency kiosk, you would receive warnings and transaction details before paying, and a receipt afterward. If you were fraudulently induced to make a transaction, you could apply for a refund within 30 days and would need to provide a law enforcement or government agency report with a sworn statement. Operators would need to provide full refunds for qualifying new-customer transactions, and refund fees for qualifying transactions by existing customers.
The bill does not specify public spending or estimate the costs of operator compliance. It requires operators to disclose transaction fees and other expenses to customers.
No publicly available information.
No publicly available information.