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Assembly committee releases bill to regulate virtual-currency kiosks
Summary
The Assembly committee released A5384, the Virtual Currency Kiosk Consumer Protection Act, after proponents including kiosk operators and convenience-store groups testified in favor of signage, licensing and location requirements to inform and protect consumers.
The Assembly Committee released Assembly Bill A5384 on a motion in committee after hearing testimony from cryptocurrency-kiosk operators and convenience-store trade groups.
A5384 would require owners or operators of kiosks that exchange fiat currency and virtual currency to display notices and disclosures to customers, including that virtual currency is not legal tender and warnings about scams, and would require kiosk operators to obtain a money-transmitter license from the Department of Banking and Insurance. A proposed amendment would require…
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