IA SF2296

Digital financial asset kiosk operators in Iowa must obtain a money transmission license under section 533C.301 to own, operate, solicit, market, advertise, or facilitate kiosks in the state.

Caps transaction charges at 15% of the prevailing market value of the digital financial asset at the time the consumer initiates the transaction.

Requires operators to disclose to consumers the dollar amount of all charges collected and the name of the licensed digital financial asset exchange used to calculate pricing.

Mandates operators report to the Division of Banking the street addresses of all digital financial asset transaction kiosks they own, operate, or manage in Iowa.

Redefines "digital financial asset" as a virtual digital representation of value used as a medium of exchange, unit of account, or store of value, excluding merchant rewards programs and in-game currencies.