MN HF4717

Defines four new terms in Minnesota law: "transaction hash" (unique identifier for blockchain-verified transactions), "virtual currency address" (alphanumeric destination identifier), "virtual currency kiosk" (electronic terminal enabling virtual currency exchange), and "virtual currency wallet" (software application for holding or transferring virtual currency).

Requires virtual currency kiosk licensees to disclose eight material risks before initial transactions, including lack of government backing, value volatility, fraud risk, and irreversibility of transactions, displayed on kiosk screens with customer acknowledgment.

Mandates disclosure of transaction terms in at least 48-point sans serif font including transaction amount, fees, exchange rates, daily limits capped at $1,000, and a warning that transactions may be irreversible.

Limits virtual currency kiosk fees to the greater of $5 or ten percent of the transaction's U.S. dollar equivalent, and requires licensees to provide transaction receipts with transaction hash and virtual currency addresses.

Allows customers to cancel and receive full refunds within 72 hours for their first virtual currency transaction or transactions to addresses outside the United States.