SD SB98

Requires all virtual currency kiosk operators in South Dakota to be licensed under chapter 51A-17 and submit detailed renewal reports including transaction data, complaints, refunds, and suspicious activity reports filed under the Bank Secrecy Act

Caps transaction fees at 25% of the transaction amount and establishes daily limits of $1,000 and 30-day limits of $10,000 per user across all kiosk-related services

Mandates full refunds within 72 hours to fraud victims who report within 90 days of the fraud and submit a police report or sworn statement within 120 days of contacting the licensee

Requires prominent fraud warnings, risk disclosures in the user's language, and display of law enforcement contact information; users must acknowledge disclosures before each transaction

Obligates licensees to verify user identity with government-issued ID, employ blockchain analysis software to block transfers to addresses linked to fraud, and provide annual fraud training to kiosk location staff