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.
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
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
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Pn 3622 Html
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
9 on record
Primary sponsor
Cosponsors
Benjamin Sanchez
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours