26RS SB 189

Senate Bill 189

Actions

Last Action	02/12/26: to Committee on Committees (S)
Title	AN ACT relating to the regulation of virtual currency kiosks.
Bill Documents	Introduced
Bill Request Number	1829
Sponsors	S. Rawlings, R. Mills
Summary of Original Version	Establish Subtitle 13 of KRS Chapter 286 and create new sections thereof to regulate virtual currency kiosks; establish definitions; provide for enforcement by the commissioner of the Department of Financial Institutions; establish license requirements for virtual currency kiosks; require regulatory filings to be submitted to a nationwide licensing system registry; establish initial and renewal application processes and requirements, reporting, surety bond and tangible net worth, and change of control requirements for virtual currency kiosk operators; require the commissioner to promulgate administrative regulations to establish format, document submission, fee, and trade practice requirements for virtual currency kiosk operators; establish record retention requirements for persons required to be licensed as virtual currency kiosk operators; establish trade practice requirements relating to protection of resident assets, virtual currency kiosk transactions, prohibited practices, and fraud and information security compliance procedures; authorize the commissioner to conduct investigations and examinations; provide for the confidentiality of certain documents provided to the commissioner; authorize the commissioner to share, disclose, and report information and take other actions to assist in the commissioner's duties; require the commissioner to submit an annual licensing report to the Legislative Research Commission; establish due process requirements for adverse actions taken by the commissioner against licensees and other persons; establish requirements for the denial, suspension, or revocation of a license; authorize the commissioner to enter cease and desist orders and emergency orders; authorize the commissioner to order civil penalties against persons that violate the subtitle; require the commissioner of the Department of Financial Institutions to promulgate any required emergency and ordinary administrative regulations on or before January 1, 2027; EFFECTIVE, in part, March 31, 2027.
Index Headings of Original Version	Administrative Regulations And Proceedings - Department of Financial Institutions, virtual currency kiosk business, regulation Banks And Financial Institutions - Virtual currency kiosk operators, regulation Commerce - Virtual currency kiosk operators, regulation Consumer Protection - Virtual currency kiosk operators, regulation Digital Assets - Virtual currency kiosk operators, regulation Effective Dates, Delayed - Virtual currency kiosk operators, regulation, March 31, 2027 Licensing - Virtual currency kiosk operators Peace Officers And Law Enforcement - Virtual currency kiosk operators, regulation Reports Mandated - Department of Financial Institutions, virtual currency kiosks, licensing State Agencies - Department of Financial Institutions, virtual currency kiosks, regulation