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Committee opens path for stricter oversight of crypto kiosks; plans a dedicated licensing approach
Summary
After testimony from banks, law enforcement and consumer groups about large losses and frequent scams, the committee agreed to develop a separate licensing and rulemaking approach for virtual currency kiosks rather than rely on existing money‑transmitter exemptions.
Lawmakers and state regulators signaled they will pursue a tailored regulatory framework for so‑called virtual currency kiosks after a lengthy hearing that included law‑enforcement reports of fraud, testimony from banks and credit unions about member losses, and industry witnesses urging consistent licensing.
Talies Hansen summarized draft 26 LSO 143, which would require operators of a virtual currency kiosk to either be licensed under the Wyoming Money Transmitters Act or be a financial institution chartered under statutes that already exempt certain banks and credit…
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