The proposed "Virtual Currency Kiosk Fraud Prevention Act" aims to establish a regulatory framework for virtual currency kiosks in Idaho by adding a new chapter to Title 28 of the Idaho Code. This legislation introduces licensing requirements for operators of virtual currency kiosks, mandates comprehensive reporting and disclosure obligations, and sets forth customer service standards. Operators must provide transaction receipts, implement measures to prevent fraudulent activities and money laundering, and ensure that users are informed about the risks associated with virtual currency transactions. Additionally, the act includes provisions for refunds in cases of fraud and outlines penalties for non-compliance.

Key provisions of the bill include the requirement for operators to be licensed money transmitters, the establishment of mandatory disclosures to users regarding transaction fees and potential scams, and the implementation of customer service support available seven days a week. The act also emphasizes the importance of protecting potentially vulnerable older adults from fraud and allows for information-sharing among various agencies to enhance consumer protection. The bill is set to take effect on July 1, 2026, following the declaration of an emergency.