This bill amends Florida Statutes to regulate virtual currency kiosks, defining them as businesses that facilitate the exchange of virtual currency for fiat currency or other virtual currencies. It revises the definition of "money services business" to include these kiosks and introduces a new section, Part V of Chapter 560, dedicated to their regulation. The bill outlines registration requirements, mandating detailed applications to the Office of Financial Regulation and annual renewals. Certain money transmitters are exempt from registration but must comply with specific provisions. The legislation aims to enhance consumer protection and regulatory oversight in the virtual currency sector.

Additionally, the bill establishes operational guidelines for virtual currency kiosks, including customer attestations, electronic receipts, and daily transaction limits of $2,000 for new customers and $10,000 for existing customers. It introduces penalties for non-compliance, such as voiding registrations for false statements, and sets criteria for denying registration based on the criminal history of control persons involved in the business. A mandatory refund policy is also included, requiring kiosks to issue full refunds within 72 hours for the first transaction under certain conditions. The act is set to take effect on January 1, 2027.

Statutes affected:
S 198 c1: 560.103, 560.105