MA H1089

Virtual currency kiosk operators in Massachusetts must obtain a money transmitter license within 60 days of the Act taking effect, with unlicensed operators required to cease operations if their application is denied

Operators must provide customers with mandatory disclosures before transactions, including warnings that virtual currency is not legal tender, not FDIC-insured, transactions may be irreversible, and values can be volatile

Kiosks must display fraud prevention warnings asking customers if they received suspicious phone calls directing payment, and operators must use blockchain analytics software to prevent transfers to wallets associated with fraudulent activity

Operators must employ a full-time compliance officer and a full-time consumer protection officer, neither of whom can own more than 20% of the company, and must maintain written anti-fraud and enhanced due diligence policies

Quarterly location reports for all kiosks must be submitted to the Division of Banks within 45 days of each quarter's end, and live customer service must be available Monday through Friday from 8 AM to 10 PM