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Committee hears extensive testimony on regulating cryptocurrency kiosks; substitute would license operators, require holds and ID checks
Summary
Senate Bill 17 05 (committee substitute) would license virtual-currency kiosks, require ID verification and a temporary hold on new-customer funds, cap fees and set transaction limits; law enforcement and victims urged action during a lengthy hearing.
Senators heard extensive invited testimony and public comment on the committee substitute to Senate Bill 17 05, which would regulate virtual-currency kiosks (commonly called cryptocurrency ATMs) by establishing licensing, transaction limits, identity verification and other consumer-protection measures.
Sponsor Sen. Parker described the substitute’s core elements: licensing and registration of kiosk operators; mandatory reporting and fraud-prevention measures; customer disclosures and acknowledgment; a $3,000-per-day transaction limit and a 12 percent fee cap in the substitute as presented to the committee; a 72-hour hold on new-customer transactions; ID swipe and photo requirements; and enforcement handled by…
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