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 measures for kiosk locations. Additionally, operators must submit quarterly reports detailing the locations of their kiosks and provide clear disclosures to customers regarding the terms and conditions of transactions, including risks associated with virtual currency.

The bill also mandates the use of blockchain analytics to detect and prevent fraudulent activities, the designation of compliance and consumer protection officers, and the implementation of an antifraud policy. Furthermore, it sets a daily transaction limit of $2,000 per customer and requires operators to provide live customer service during specified hours. The bill emphasizes consumer protection by requiring prominent warnings about potential fraud and the irreversibility of transactions conducted through kiosks.

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