Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Kiosk Regulation topic
No spam. Unsubscribe anytime.
Wyoming moves to tighten rules for cryptocurrency kiosks; division seeks data on fraud rates
Summary
Wyoming's banking division proposed rules imposing identity checks, transaction limits, a 48‑hour hold for new users, blockchain analytics and a fee cap for virtual‑currency kiosks; the committee asked staff to draft legislation to codify uncapped civil penalties to back enforcement.
Wyoming's banking regulator has proposed a new set of rules for physical cryptocurrency kiosks that would require operators to hold a money‑transmitter license or be a chartered financial institution, verify user identity, cap fees and retain blockchain analytics to assess fraud.
Banking Commissioner Jeremiah Bishop told the Select Committee on Blockchain that the proposed rules include a $1,000 daily limit for new users and a $5,000 limit for returning users, a fee cap of $20 or 20% of the USD equivalent, and a required 48‑hour waiting period for new customers. "We put in a daily transaction limit of 1000 dollars for any new user and $5,000 for any other user," Bishop said, and he added that operators would have to retain blockchain analytics and transaction receipts for 10 years.
Bishop said the division will require operators to send a post‑transaction survey for every transaction to estimate fraud rates; that data will guide whether stricter rules or a full ban are needed. He told the committee three kiosk operators without licenses were ordered to stop operations and that the division is working with law enforcement to locate machines across the state.
Public commenters generally supported stronger consumer protections. An AARP‑linked commenter congratulated the commissioner on the 48‑hour standby and transaction limits, and CoinFlip's representative said the company already holds a money‑transmitter license and is cooperating with regulators and law enforcement.
Because the division's proposed enforcement toolkit includes unlimited civil money penalties (current statutes cap penalties for some money‑transmitter violations), the committee asked staff to draft statutory language to place civil‑penalty authority explicitly in law to support enforcement under the kiosk rules.
The rules are in the final‑comment stage at the division; Bishop said he expected to file final rules soon and begin examinations of operators once the rules are in effect.
