This bill seeks to prohibit the operation of virtual currency kiosks in Minnesota by amending existing statutes and introducing new provisions. It adds a new subdivision to Minnesota Statutes 2024, section 53B.69, which clearly states that "a person is prohibited from placing or operating a virtual currency kiosk in Minnesota." In addition, the bill repeals several existing sections of Minnesota Statutes, including multiple subdivisions of section 53B.69 and sections 53B.70 through 53B.75, effectively nullifying prior regulations that allowed for the operation of virtual currency kiosks and related business activities. This repeal signifies a significant shift in the regulatory landscape surrounding virtual currency, reflecting a more cautious approach to its regulation.

The bill also establishes new regulations aimed at enhancing consumer protection and transparency in virtual currency transactions. It requires kiosk operators to provide clear disclosures about the risks associated with virtual currency transactions, including the lack of government backing and the irreversibility of transactions. Additionally, operators must inform users of their rights and ensure that users acknowledge these disclosures before completing transactions. A refund policy is introduced for new customers, allowing them to request a full refund for transactions made within a 72-hour period if fraud is suspected, and a maximum daily transaction limit of $2,000 is set for new customers, with existing customers' limits determined by kiosk operators in accordance with federal law.

Statutes affected:
Introduction: 53B.69