MA S707

Creates new Chapter 167K requiring virtual currency kiosk operators to obtain state money transmitter licenses, register each kiosk with the Commissioner of Banks, and submit quarterly location reports

Imposes a $1,000 daily transaction limit per customer and caps fees at the greater of $5.00 or 3% of the transaction value

Mandates prominent fraud warnings, comprehensive risk disclosures in the customer's chosen language, physical transaction receipts, and use of blockchain analytics software to prevent transfers to wallets linked to fraud

Requires full refunds for new customers (within first 30 days) who report fraud within 90 days, and fee refunds for existing fraud victims; operators must employ a full-time compliance officer and maintain written anti-fraud policies

Establishes a 25-member special commission to study blockchain technology applications in government and business, and directs the State Treasurer to develop educational resources on virtual currencies with fraud prevention curricula for older adults