The "Virtual Currency Kiosk Consumer Protection Act" seeks to regulate virtual currency kiosks in Missouri by repealing the existing section 361.1100 and introducing a new section that defines essential terms such as "digital wallet," "virtual currency kiosk," and "virtual currency kiosk operator." The bill requires kiosk operators to disclose material risks associated with virtual currency transactions, provide clear customer service, and implement anti-fraud policies. It also mandates the use of blockchain analytics software to prevent fraud and ensure compliance with federal laws, including the Bank Secrecy Act and the United States PATRIOT Act. Additionally, operators must designate compliance and consumer protection officers and submit location reports to the division of finance. To enhance consumer protection, the bill requires all virtual currency kiosk operators to obtain a money transmitter license by August 28, 2025, and grants the attorney general the authority to enforce compliance and impose civil penalties for violations. It introduces an electronic reporting system for individuals to report violations, and establishes transaction limits for new customers at $2,000 per day and for existing customers at $10,500. These provisions aim to improve oversight and compliance within the virtual currency sector, ensuring a safer environment for consumers engaging in virtual currency transactions.

Statutes affected:
Introduced (6651H.01): 361.1100