| Last Action | 03/03/26: to Committee on Committees (H) |
|---|---|
| Title | AN ACT relating to the regulation of virtual currency kiosks. |
| Bill Documents |
Current
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 |
| Jump to Proposed Amendments |
Senate Committee Substitute 1 Senate Floor Amendment 1 Senate Floor Amendment 2 |
| Votes | Vote History |
| 02/12/26 |
|
|---|---|
| 02/20/26 |
|
| 02/24/26 |
|
| 02/25/26 |
|
| 02/26/26 |
|
| 02/27/26 |
|
| 03/02/26 |
|
| 03/03/26 |
|
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions; except amend maximum daily transaction limit for existing virtual currency kiosk users to $10,500 per day; limit 72 hour hold or refund requirement to new virtual currency kiosk users; modify requirements for annual inflation adjustment to maximum daily transaction limit; make technical amendments. |
| Index Headings |
Banks And Financial Institutions - Virtual currency kiosk operators, transaction requirements Commerce - Virtual currency kiosk operators, transaction requirements Consumer Protection - Virtual currency kiosk operators, transaction requirements Digital Assets - Virtual currency kiosk operators, transaction requirements State Agencies - Department of Financial Institutions, virtual currency kiosks, annual inflation adjustment Technical Corrections - Virtual currency kiosk operators, regulation |
| Amendment | Senate Floor Amendment 1 |
|---|---|
| Sponsor | S. Rawlings |
| Summary | Retain original provisions, except modify licensing requirements for persons engaging in virtual currency kiosk business; modify maximum transaction limits for licensees; prohibit licensees from collecting virtual currency kiosk charges in excess of specified limits; require licensees to provide live customer service via a toll-free telephone number during operating hours, specified notices at virtual currency kiosks, and a paper or electronic receipt at the option of a virtual currency kiosk user; direct that a fraud victim's eligibility for a refund shall not be waived by required disclosures; require licensees to verify the identity of virtual currency kiosk users prior to accepting payment, provide refunds, provide a dedicated fraud communications line for law enforcement and the Department of Financial Institutions, and cooperate in fraud investigations. |
| Index Headings |
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 Licensing - Virtual currency kiosk operators, regulation Peace Officers And Law Enforcement - Virtual currency kiosks, fraud enforcement State Agencies - Department of Financial Institutions, virtual currency kiosks, fraud enforcement |
| Amendment | Senate Floor Amendment 2 |
|---|---|
| Sponsor | S. Rawlings |
| Summary | Retain original provisions, except modify licensing requirements for persons engaging in virtual currency kiosk business; add maximum transaction limit for transactions occurring within first 30 days; prohibit licensees from collecting virtual currency kiosk charges in excess of specified limits; require licensees to provide live customer service via a toll-free telephone number during operating hours, specified notices at virtual currency kiosks, and a paper or electronic receipt at the option of a virtual currency kiosk user; direct that a fraud victim's eligibility for a refund shall not be waived by required disclosures; require licensees to verify the identity of virtual currency kiosk users prior to accepting payment, provide refunds, provide a dedicated fraud communications line for law enforcement and the Department of Financial Institutions, and cooperate in fraud investigations. |
| Index Headings |
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 Licensing - Virtual currency kiosk operators, regulation Peace Officers And Law Enforcement - Virtual currency kiosks, fraud enforcement State Agencies - Department of Financial Institutions, virtual currency kiosks, fraud enforcement |
Last updated: 3/9/2026 7:15 PM (EDT)