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WV HB5353

Bill

Official Source

Status

Enrolled

3/14/2026

Primary Sponsor

Vernon Criss

Click for details

Origin

House of Delegates

2026 Regular Session

AI Summary

  • Requires virtual currency kiosk operators to obtain money transmission licenses through NMLS by November 1, 2026, with licensure effective January 1, 2027
  • Establishes daily transaction limits of $1,000 for new customers (registered less than 10 days) and $2,500 for existing customers at virtual currency kiosks
  • Caps total fees and commissions at $5 or 10% of the transaction amount, whichever applies
  • Mandates extensive written disclosures including fraud warnings, volatility risks, and the statement "LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE IRREVERSIBLE"
  • Requires licensees to verify elder adults (60+) who are new customers by telephone before their first transaction, with recorded discussions of fraud schemes and transaction details

Legislative Description

To bring virtual currency kiosks within the purview of money transmission licensure and create disclosure requirements and daily transaction limitations for new and existing customers.

Finance and Administration

Last Action

Completed legislative action

3/14/2026

Committee Referrals

Finance3/5/2026
Finance2/9/2026

Full Bill Text

No bill text available