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Senate committee advances bill to limit crypto-kiosk losses for new users
Summary
A Senate committee advanced a substitute to SB 489 that would cap new-user cryptocurrency kiosk transactions, require posted warnings and allow short holds to reduce scams; operators urged changes to daily/monthly caps, and the measure moves on to the Finance process.
Senator Salim introduced a substitute to SB 489 that would impose new consumer-protection rules for virtual-currency kiosks across Virginia, citing a rise in scams that target seniors and other vulnerable residents. The substitute sets limits for "new users"—including a $2,000-per-transaction cap and a $5,000 daily limit during the first 14 days after account creation—requires visible fraud warnings on kiosks and allows a 48-hour hold for new-user transactions so customers can reverse a payment in the immediate aftermath of a suspected scam. The substitute also caps…
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