The 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 new terminology related to virtual currency transactions. The legislation requires these businesses to register with the Office of Financial Regulation, submit specific information, and renew their registration annually to operate legally in Florida.

Additionally, the bill creates a new section within Chapter 560 titled "Virtual Currency Kiosk Businesses," which outlines operational compliance measures, including daily transaction limits for customers, mandatory receipt issuance, and conditions for refunds. It establishes transaction limits of $2,000 for new customers and $10,000 for existing customers per calendar day, and mandates that kiosks provide clear disclosures about transaction limits and fraud warnings. The bill also requires full refunds within 72 hours for the first transaction if fraud is reported within 60 days, ensuring consumer protection and regulatory oversight in the virtual currency sector. The act is set to take effect on January 1, 2027.

Statutes affected:
S 198 c1: 560.103, 560.105
S 198 c2: 560.103, 560.105, 560.114, 560.125