House Bill No. 483, introduced by Representative Wright, aims to regulate virtual currency kiosks in Louisiana by enacting several new provisions under R.S. 6. The bill defines key terms such as "fiat currency," "virtual currency kiosk," "virtual currency kiosk operator," and "virtual currency kiosk transaction." It establishes that any individual or entity involved in the operation or facilitation of a virtual currency kiosk is engaged in virtual currency business activity and must comply with the relevant regulations, including obtaining a license. The bill also sets a maximum daily transaction limit of $3,000 for users of these kiosks and mandates that operators either wait 72 hours before processing transactions or allow users to cancel and receive a full refund within that timeframe.

Additionally, the bill requires virtual currency kiosk operators to implement specific policies and practices to enhance consumer protection and prevent fraud. This includes posting a warning notice on each kiosk, utilizing blockchain analytics software to detect fraudulent activities, and maintaining a written anti-fraud policy that outlines risk assessment and monitoring procedures. Furthermore, operators must establish an Enhanced Due Diligence Policy to identify individuals at risk of fraud based on age or mental capacity. The Louisiana State Law Institute is tasked with alphabetizing and renumbering the definitions in the law to ensure clarity and consistency.