House Bill 319 seeks to enhance the regulation of virtual currency kiosk businesses in Florida by amending existing statutes and introducing new provisions under Chapter 560 of the Florida Statutes. The bill defines key terms such as "virtual currency kiosk," "owner-operator," and "blockchain analytics," while revising the definition of "control person" to encompass those involved in these operations. It establishes that the Office of Financial Regulation will oversee these businesses, requiring them to register and renew their registration to operate legally. The bill also mandates that operators provide disclosures about the risks associated with virtual currency transactions and utilize blockchain analytics to prevent illicit activities.

In addition to registration requirements, the bill imposes criminal penalties for operating without proper registration or for fraudulent attempts to register. It specifies that registration is non-transferable and outlines the process for maintaining and renewing it. If a business fails to renew its registration within 60 days, it becomes inactive and must undergo a new application process. The legislation emphasizes compliance and transparency, requiring kiosks to display warnings about potential scams and the irreversibility of transactions. Violations are categorized into felonies and misdemeanors, with serious infractions leading to harsher penalties. The proposed regulations are set to take effect on January 1, 2026, with the commission authorized to adopt rules for effective administration.