The bill CS/HB 505 amends Florida Statutes to regulate virtual currency kiosks, categorizing them as a type of money services business. It revises the definition of "money services business" to include these kiosks and introduces new terminology related to virtual currency transactions. The legislation establishes requirements for the registration and operation of virtual currency kiosks, mandating that businesses register or renew their registration annually, with the stipulation that these registrations are non-transferable. A new part within Chapter 560, titled "Virtual Currency Kiosk Businesses," is created to detail the registration process, operational limits, and customer transaction limits.

Under the new regulations, virtual currency kiosk businesses must submit comprehensive registration applications by January 1, 2027, including information about control persons and organizational structure, and must attest to having policies in place to prevent transactions linked to criminal activity. The bill sets transaction limits, allowing new customers to transact no more than $2,000 per day and existing customers up to $10,000. It also requires kiosks to provide detailed receipts for transactions and outlines conditions for customer refunds in cases of fraud. The overarching goal of the bill is to enhance consumer protection and regulatory oversight in the virtual currency sector, with an effective date of January 1, 2027.

Statutes affected:
H 505 c1: 560.103
H 505 e1: 560.103, 560.105, 560.114, 560.125
H 505 er: 560.103, 560.105, 560.114, 560.125