Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears bill to regulate virtual-currency kiosks; law enforcement cites scam risks
Summary
The House Consumer Protection & Business Committee on Jan. 22 heard testimony on HB 1268, a bill that would classify virtual-currency kiosks as money transmitters and impose disclosures, operational rules and consumer protections; the committee deferred executive action.
The House Consumer Protection & Business Committee on Jan. 22 held a public hearing on House Bill 1268, which would deem virtual currency transaction kiosks to be engaged in the business of money transmission and impose licensing, disclosure and operational requirements. The committee took testimony from the Department of Financial Institutions, kiosk operators, industry trade groups, bankers, law enforcement and consumer advocates and then closed the hearing without taking executive action.
The bill defines a virtual currency transaction kiosk as an electronic device that accepts or dispenses cash in exchange for virtual currency and would bring such kiosks explicitly under the Uniform Money Services Act. Staff briefing noted the Department of Financial Institutions already considers many kiosk operators to be money…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
