HB 2643
An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for virtual currency kiosks; imposing requirements on the Department of Banking and Securities; establishing the Virtual Currency Kiosk Public Education Campaign Fund; and imposing penalties.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a regulatory framework for virtual currency kiosks in Pennsylvania. It establishes a licensing process with specific requirements, including a financial statement and bond, and outlines penalties for non-compliance. The bill also creates a public education fund to inform the public about the risks associated with these kiosks and establishes a process for the Department of Banking and Securities to oversee their operation. Finally, it defines key terms related to virtual currency kiosks and transactions.
Key provisions
- Establishes a licensing process for virtual currency kiosks, requiring applicants to meet specific financial and operational standards.
- Imposes requirements on the Department of Banking and Securities to oversee the operation of virtual currency kiosks.
- Creates a Virtual Currency Kiosk Public Education Campaign Fund to promote consumer awareness.
- Defines key terms related to virtual currency kiosks and transactions, such as ‘virtual currency,’ ‘applicant,’ and ‘licensee.’
- Sets daily transaction limits for new and existing customers.
- Requires kiosks to display warnings about the risks of virtual currency transactions.
- Establishes penalties for operating without a license and for violating the provisions of the bill.
- Allows the Department to suspend, revoke, or refuse to renew licenses under certain circumstances.
Who is affected
- Individuals operating virtual currency kiosks
- The Department of Banking and Securities
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Benjamin Sanchez
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