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Senate Finance reviews tighter rules for virtual-currency kiosks; no vote taken
Summary
The Senate Finance Committee heard testimony on draft language that would expand disclosures, identity checks, refund rights and fraud controls for virtual-currency kiosks; committee members expressed concern but did not vote and the bill remains under consideration.
Maria Veil, legislative counsel, outlined a package of consumer-protection changes on a bill affecting virtual-currency kiosks that would extend an existing moratorium and add transaction-level disclosures, identity-verification steps, mandatory receipts and enhanced refund rights.
The proposal, discussed in the Senate Finance Committee on April 25, would apply to Vermont’s licensed virtual-currency operators and kiosk devices. It would define “new customer” as a person whose first transaction with an operator occurred within the previous 30 days and would give new customers a full refund if they can demonstrate they were fraudulently induced and report the fraud to law enforcement and the operator within 90 days. Existing customers would be eligible for a refund of fees under similar reporting requirements.
The measure would require kiosk operators to display a customer warning on-screen before transactions, print or otherwise provide a retainable receipt that includes the digital-wallet address,…
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