This bill proposes the prohibition of virtual currency kiosks in Minnesota, making it illegal for any person to place or operate such kiosks within the state. The bill introduces new legal language under Minnesota Statutes, chapter 53B, specifically section 53B.741, which clearly states that operating a virtual currency kiosk is prohibited. Additionally, the bill includes a repealer clause that removes several existing provisions related to virtual currency kiosks, specifically repealing sections 53B.69, subdivisions 3b, 3c, 11, and 12, as well as section 53B.75, which previously outlined definitions and regulations for virtual currency transactions and operators.

By repealing these sections, the bill effectively eliminates the framework that governed virtual currency kiosks, including definitions of new and existing customers, transaction limits, and required disclosures for virtual currency transactions. This legislative change reflects a significant shift in the state's approach to virtual currency, aiming to protect consumers from potential risks associated with virtual currency transactions and the operation of kiosks.

Statutes affected:
Introduction: 53B.69