House concurs with Senate amendments on insurance bill that adds crypto‑kiosk rules and standards for mutual financial institutions

The Vermont House concurred in the Senate’s proposed amendments to H.137, an insurance‑related bill that includes new provisions addressing virtual currency (crypto) kiosks and corporate governance for mutual financial institutions.

The changes concerning virtual currency kiosks introduce consumer protections and fraud safeguards: expanded pre‑transaction disclosures; mandatory receipts (paper and electronic) with transaction and digital wallet identifiers; customer verification and retention of government‑issued identification; a blockchain analytics requirement to reduce transfers to wallets tied to known fraudulent activity; mandatory toll‑free live customer support; special screening for new customers over age 60; and refund protections for customers who can show they were fraudulently induced to make a transaction (full refunds for “new” customers within 30 days of first kiosk use; fee refunds for established customers under a 90‑day reporting window).

The amendment leaves in place a moratorium review: the moratorium on new kiosks remains under review and the Legislature will revisit elements of the regime within a year.

The bill also adds a section tightening the…