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Arkansas securities department proposes updates for virtual‑currency kiosks and data security for money‑services licensees
Summary
Agency bill would add consumer protections and compliance requirements for virtual‑currency kiosks and adopt a CSBS model for data‑security safeguards for nonbank money services licensees; agency representatives said the changes were negotiated with industry operators.
The Arkansas Securities Department presented an agency bill that would amend the Uniform Money Services Act to add regulatory requirements for virtual‑currency kiosks and to adopt data‑security safeguards for money‑services licensees.
Agency witnesses said the kiosk provisions would impose disclosures, transaction limits and anti‑fraud protections agreed with major kiosk operators. The data‑security portion of the proposal would implement a model…
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