HB665 VA passed

Financial institutions and services; virtual currency kiosk operators, license required, penalties.

privacy

Plain-English summary

1. **ONE-SENTENCE SUMMARY:** This bill requires virtual currency kiosk operators in Virginia to obtain a license and follow specific operational guidelines.

2. **KEY REQUIREMENTS:**
   - Obtain a license from the State Corporation Commission to operate virtual currency kiosks.
   - File annual and quarterly reports as required.
   - Provide necessary disclosures to customers.
   - Implement measures to detect and prevent fraud and money laundering.
   - Limit transactions to specified daily and monthly caps.
   - Charge a maximum transaction fee of 18% of the transaction value.

3. **DEADLINES:**
   - The bill is effective immediately upon passage, meaning compliance is required as soon as it is enacted.

4. **PENALTIES:**
   - Violators can face fines of up to $1,000 per violation.
   - Additional enforcement actions may be taken under the Virginia Consumer Protection Act.

5. **SMB IMPACT:** Small businesses operating virtual currency kiosks will need to invest time and resources to obtain the necessary licenses and comply with reporting and operational requirements, which may increase operational costs. Failure to comply could result in significant fines, impacting their bottom line.

Source description

Financial institutions and services; virtual currency kiosk operators; license required; penalties. Establishes requirements for the operation of virtual currency kiosks, as defined in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain disclosures, and take reasonable steps to detect and prevent fraud and money laundering. The bill prohibits operators from accepting transactions above specified daily and monthly limits and establishes a maximum transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia Consumer Protection Act. This bill is identical to SB 489.

Not legal advice. Summaries are generated by AI from publicly available bill text and may contain errors or omissions. Always consult counsel before making compliance decisions.