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MA S757
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Barry Finegold
Click for details
AI Summary
- Requires virtual currency kiosk operators to be licensed as money transmitters in Massachusetts and register each kiosk with the commissioner before activation
- Imposes a $1,000 daily transaction limit for new customers (defined as those within their first 30 days), with mandatory full refunds available to fraud victims who report within 90 days
- Mandates blockchain analytics software to screen transactions against wallets linked to fraud, plus written anti-fraud policies and a full-time compliance officer who cannot own more than 20% of the company
- Requires prominent fraud warnings, physical receipts with transaction details (hash, fees, exchange rate, refund policy), and live customer service during business hours with a toll-free number displayed on kiosks
- Directs the State Treasurer to develop educational resources on virtual currencies and digital assets, with specific materials targeting residents over age 50 to help identify cryptocurrency scams
Legislative Description
Establishing regulations on certain virtual currencies for fraud prevention
Last Action
Hearing rescheduled to 10/07/2025 from 10:30 AM-01:10 PM in A-2 and Virtual Hearing updated to New End Time
10/7/2025
Committee Referrals
Financial Services2/27/2025
Full Bill Text
No bill text available