NJ S2957

Creates the "Virtual Currency Kiosk Consumer Protection Act" requiring operators of cryptocurrency ATM-style machines to obtain money transmitter licenses from the New Jersey Department of Banking and Insurance

Mandates extensive consumer disclosures including warnings that virtual currency is not legal tender, not FDIC-insured, transactions may be irreversible, and values can be volatile and unpredictable

Requires kiosks to display fraud warning notices asking customers if they were directed by phone to make payments for social security, utilities, bail, or warrants, and requires operators to maintain written anti-fraud policies and use blockchain analytics software to detect fraudulent wallet addresses

Obligates operators to provide live customer service via toll-free number Monday through Friday 8 a.m. to 10 p.m. EST, and to issue receipts showing transaction details, fees, exchange rates, and refund policies

Requires operators to employ full-time compliance officers and consumer protection officers, submit quarterly location reports for all kiosks, and takes effect 13 months after enactment