SB 887
Relating to requirements for licensure and regulation of money transmission services
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill updates West Virginia’s regulations for money transmission services to include virtual currency kiosks. It establishes requirements for licensing and regulating these kiosks, defining key terms like ‘virtual currency’ and ‘money transmission,’ and mandates specific disclosures to customers before transactions. The bill also sets daily transaction limits for new and existing customers and clarifies the role of virtual currency kiosks as delegates of licensed money transmitters.
Key provisions
- Defines ‘virtual currency’ and ‘virtual currency kiosk’ for regulatory purposes.
- Establishes daily transaction limits for virtual currency kiosks ($1,000 for new customers, $2,500 for existing customers).
- Requires virtual currency kiosks to disclose material risks associated with virtual currency transactions to customers.
- Mandates specific disclosures to customers before each virtual currency transaction, including fees and exchange rates.
- Designates a start date for the licensure of virtual currency kiosks.
- Clarifies that virtual currency kiosks are delegates of money transmission licensees.
- Creates new definitions for ‘passive investor’ and ‘elder adult’ within the context of money transmission regulations.
- Requires licensees to obtain identification for new customers and prevent multiple customers from using the same virtual currency wallet.
Who is affected
- Virtual currency kiosk operators
- Money transmission licensees
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