No. CS/HB 505
Virtual Currency Kiosks; Revising the requirements for certain rules adopted by the Financial Services Commission; revising the actions by money services businesses, authorized vendors, or affiliated parties which constitute grounds for disciplinary action; prohibiting persons from engaging in certain business unless they are registered or exempt from registration; prohibiting a virtual currency kiosk business from operating in this state without registering or renewing its registration; requiring the Office of Financial Regulation to give a specified notice to applicants; specifying that certain money transmitters are exempt from registration as a virtual currency kiosk business but are subject to certain provisions; requiring applicants to submit certain information to the office to be registered as a virtual currency kiosk business; requiring a virtual currency kiosk business to ensure that its virtual currency kiosk requires certain attestations from the customer and displays a certain disclosure; requiring a virtual currency kiosk business to provide a customer with a specified physical or electronic receipt upon completion of a virtual currency transaction; requiring a virtual currency kiosk business to issue a full refund under certain circumstances, etc.
Plain English Summary
AI-GENERATEDFlorida creates a new registration requirement for virtual currency kiosk businesses, prohibiting them from operating without it. Existing kiosks must apply within 30 days of the 2027 effective date.
Kiosks must enforce daily transaction limits, display a specific fraud warning, and provide detailed receipts. They must also issue a full refund within 72 hours for a customer's first transaction if fraud is reported.
The bill adds virtual currency kiosk businesses to the Financial Services Commission's rulemaking authority and expands disciplinary actions to include unregistered activity. It also requires applicants to attest to using blockchain analytics to prevent illicit transfers.
AICreates a mandatory registration requirement for virtual currency kiosk businesses operating in Florida, with annual renewal and specific application content.
AICaps daily transaction amounts at $2,000 for new customers and $10,000 for existing customers, aggregating across all kiosks of a business.
AIRequires kiosks to display a specific fraud warning and require customers to attest to same-day transactions at other kiosks before initiating a transaction.
AIRequires a full refund within 72 hours for a customer's first transaction if fraud is reported to law enforcement within 60 days with proof.
AIExempts licensed money transmitters from kiosk registration but subjects them to the new disclosure, limit, receipt, and refund requirements.
AIExtends existing penalties for unlicensed money services business activity to include unregistered virtual currency kiosk business activity.
AIRequires providing a physical or electronic receipt containing transaction hash, wallet addresses, fees, exchange rate, and refund policy.
AIRequires applicants to attest to documented policies for using blockchain analytics to prevent transfers to wallets linked to known criminal activity.