MN SF4909

Defines four new terms in Minnesota Statutes chapter 53B: "transaction hash" (unique identifier proving blockchain verification), "virtual currency address" (alphanumeric identifier for currency transfer destination), "virtual currency kiosk" (electronic terminal facilitating virtual currency exchange), and "virtual currency wallet" (software application for holding, storing, or transferring virtual currency)

Requires virtual currency kiosk licensees to disclose eight material risks before initial transactions, including that virtual currency is not government-backed, lacks FDIC/NCUA/SIPC protections, may be irreversible, and carries risks of fraud, cyber attack, and total loss of value

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

Caps fees charged by virtual currency kiosk licensees at the greater of $5 or 10 percent of the transaction value, and requires receipts containing transaction hash, virtual currency addresses, fee amount, and licensee contact information

Allows customers to cancel and receive full refund within 72 hours for their first virtual currency transaction or transactions to foreign wallets or exchanges