This bill aims to prohibit the installation and operation of virtual currency kiosks in Minnesota, effective August 1, 2026. It amends Minnesota Statutes 2024, section 53B.69, subdivision 10, to redefine what constitutes a virtual currency kiosk by including the role of a person acting on behalf of the kiosk operator. Additionally, the bill introduces a new section, 53B.751, which outlines the prohibition of virtual currency kiosks and mandates that operators must remove any existing kiosks by December 31, 2026. It also requires operators to pay out any money or virtual currency owed to customers resulting from transactions at these kiosks, with specific options for customers to receive their payouts.

Furthermore, the bill repeals several existing provisions related to virtual currency kiosks, including Minnesota Statutes 2024, sections 53B.69, subdivisions 3b and 3c, which defined "new customer" and "existing customer," as well as sections of 53B.75 that outlined disclosure requirements and transaction limits. The effective date for the repeal of these provisions is set for January 17, 2027. Overall, the legislation seeks to regulate the use of virtual currency kiosks and ensure customer payouts while eliminating previous definitions and requirements associated with these kiosks.

Statutes affected:
Introduction: 53B.69
1st Engrossment: 53B.69, 53B.75