HB 5211 Summary

• Expands the definition of "money transmission" to include virtual currency kiosk operations effective October 1, 2024, requiring owners and operators to obtain a money transmission license from the commissioner.

• Establishes daily transaction limits for virtual currency kiosks: $2,000 for new customers and $5,000 for existing customers (with new customers defined as those with fewer than 3 transactions and less than 72 hours of registration).

• Requires virtual currency kiosk operators to disclose material risks to customers in writing including irreversibility of transactions, lack of government backing, volatility, fraud risks, and common scam schemes before initial transactions.

• Mandates that kiosk operators provide customers with detailed receipts, offer live telephone customer support, and implement fraud prevention measures including blockchain analysis, identification of customers over 60, and phone verification for large transactions.

• Sets a maximum fee cap of 15% for virtual currency transactions and allows new customers to request full refunds for fraudulent transactions within 72 hours if they report the fraud to law enforcement.