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WV SB887
Bill
Status
Introduced
2/9/2026
Primary Sponsor
Trenton Barnhart
Click for details
AI Summary
- Creates new definitions for virtual currency, virtual currency kiosks, digital wallets, and virtual currency business activity under West Virginia's money transmission laws
- Requires virtual currency kiosk operators to obtain licensure through NMLS by November 1, 2026, with licensure beginning January 1, 2027
- Establishes daily transaction limits of $1,000 for new customers and $2,500 for existing customers at virtual currency kiosks, with total fees and commissions capped at $5 or 10% of the transaction amount
- Mandates extensive consumer disclosures including fraud warnings, risk statements about volatility and irreversibility, and requires written paper receipts for all transactions
- Requires licensees to provide full refunds to new customers for fraudulent transactions within 10 days of registration if reported within 30 days, and mandates live telephone verification with elder adults (60+) before completing their first transaction
Legislative Description
Relating to requirements for licensure and regulation of money transmission services
Finance and Administration
Last Action
To Finance
2/19/2026
Committee Referrals
Finance2/19/2026
Banking and Insurance2/9/2026
Full Bill Text
No bill text available