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Virginia committee advances bill to regulate crypto kiosks, including new-user holds and transaction limits
Summary
The House Committee on Communications, Technology and Innovation voted to report House Bill 665, a substitute that would license virtual currency kiosk operators, require ID checks and temporary holds for new users, and set transaction limits to curb fraud; the committee recorded the vote as 16–6.
The House Committee on Communications, Technology and Innovation on Feb. 2 accepted a substitute for House Bill 665 and voted to report the measure to the next stage of consideration. The bill, introduced by Delegate Maldonado, would create a state regulatory framework for virtual currency kiosks — ATM-like machines that sell cryptocurrency — and add a set of consumer protections.
Supporters told the committee the machines have been exploited in scams, particularly targeting elderly and vulnerable Virginians. "Because they're currently unregulated, and the transactions are difficult to trace, they are frequently used as…
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