HB 5353
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.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to regulate virtual currency kiosks in West Virginia by bringing them under money transmission licensure requirements. It mandates disclosure of risks associated with virtual currency transactions to customers, establishes daily transaction limits, and requires new and existing customers to register. The bill also creates definitions for virtual currency and related terms, clarifies the role of virtual currency kiosks within money transmission, and addresses conflicts between state and federal laws regarding money transmission. Finally, it outlines specific requirements for licensees, including reporting obligations and compliance with federal regulations.
Key provisions
- Requires virtual currency kiosks to obtain money transmission licenses.
- Establishes daily transaction limits for new and existing customers.
- Mandates disclosure of risks associated with virtual currency transactions to customers.
- Creates definitions for ‘virtual currency’ and related terms (e.g., ‘money transmission kiosk’, ‘authorized delegate’).
- Requires licensees to maintain records and report transactions.
- Addresses conflicts between state and federal money transmission laws.
- Specifies requirements for authorized delegates of licensees.
- Establishes a process for reporting theft or loss of payment instruments.
Who is affected
- Virtual currency kiosk operators
- Customers of virtual currency kiosks
- Money transmission licensees
- The West Virginia Division of Financial Institutions
- Financial institutions and regulators
Sponsors
Official sponsors from legislative records.
Primary sponsor
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