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Vermont regulators outline consumer protections as committee weighs crypto-kiosk moratorium and limits
Summary
The Department of Financial Regulation presented a mandated report on crypto kiosks, reporting a sharp decline in kiosk transactions after a moratorium and proposing consumer-protection measures including transaction caps, fee limits, refund windows and live screening.
The Department of Financial Regulation (DFR) told the House Commerce & Economic Development Committee on Feb. 6 that a moratorium and new licensing rules enacted last year sharply reduced crypto kiosk activity in Vermont and proposed additional protections aimed at fraud prevention.
Aaron Ference, deputy commissioner for DFR’s banking division, told the committee the report — required by recently passed legislation (title 8, section 25 77) — found a 96% drop in kiosk transactions between the second quarter before the moratorium and the third quarter after it took effect. "If you don't have the machines, you can't be directed to them to use them for illicit purposes," Ference said.
The law enacted a $1,000 daily transaction limit per customer, fee limits (the higher of $5 or 3% of the transaction), and a one-year…
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