VA SB489

Requires virtual currency kiosk operators in Virginia to obtain a license from the State Corporation Commission before conducting transactions, with bonds ranging from $1,000 to $25,000.

Imposes transaction limits of $2,000 per day for new users, $5,000 daily maximum for established users, and $10,000 monthly maximum for all users, with a mandatory 48-hour hold period on new user transactions.

Caps transaction fees at 18 percent of the transaction value and requires licensees to provide full refunds of fees to fraud victims who report within 90 days and submit documentation within 120 days.

Mandates fraud prevention measures including blockchain analytics software, identity verification, prominent scam warnings on kiosks, live customer service during operating hours (8 a.m. to 10 p.m.), and annual staff training materials for kiosk locations.

Requires annual and quarterly reporting to the Commission including transaction volumes, suspicious activity reports, complaint records, and kiosk locations, with examinations conducted at least every three years.