This bill aims to regulate virtual-currency kiosks in North Dakota by creating new sections in the North Dakota Century Code and amending existing definitions related to virtual currency. Key provisions include the requirement for kiosk operators to be licensed as money transmitters, compliance with money transmitter regulations, and the establishment of security and accessibility standards for kiosk locations. Additionally, operators must submit quarterly reports detailing the locations of their kiosks and provide clear disclosures to customers regarding the risks and terms associated with virtual currency transactions.

The bill also mandates the use of blockchain analytics to detect and prevent fraudulent activities, the establishment of an antifraud policy, and the designation of compliance and consumer protection officers within the kiosk operations. Furthermore, it sets a daily transaction limit of $2,000 per customer and requires operators to provide live customer service during specified hours. Overall, the legislation seeks to enhance consumer protection and ensure the integrity of virtual currency transactions conducted through kiosks in the state.

Statutes affected:
Prepared by the Legislative Council staff for Representative Koppelman: 13-09.1-44
FIRST ENGROSSMENT: 13-09.1-44
Adopted by the Senate Industry and Business Committee: 13-09.1-44
Enrollment: 13-09.1-44