Cryptocurrency; measures to prevent fraud by cryptocurrency kiosk operators imposed, penalties established, Alabama Securities Commission authorized to enforce
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to protect Alabama consumers from fraud associated with cryptocurrency kiosks. It requires kiosk operators to provide clear disclosures about transaction fees and risks, issue receipts, and implement fraud prevention measures like blockchain analytics. The Alabama Securities Commission is authorized to enforce these rules and impose civil and criminal penalties for violations, including refund requirements for fraudulent transactions. The bill also establishes specific limitations on transactions for new customers and mandates enhanced due diligence for older customers.
Bill text
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1 on record
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