The bill seeks to amend the Ohio Revised Code to regulate digital asset kiosks by requiring them to register as money transmitters. Key changes to sections 1315.05 and 1315.18 include new requirements for licensees, such as maintaining a detailed plan for winding down operations and notifying consumers of business cessation at least thirty business days in advance. Additionally, the bill introduces new sections 1349.57 through 1349.5712, which define terms related to digital assets and outline the responsibilities of kiosk owners, including the necessity for clear disclosures about transaction risks and customer rights.

Moreover, the legislation mandates a seventy-two-hour hold on transactions for new customers, ensuring they can cancel during this period, and requires receipts in a retainable format and in the languages used by the operator. Refunds for fraudulent transactions must be issued within ten business days if reported to both the operator and law enforcement. The bill also sets transaction limits for customers, necessitates identity verification for transactions of $1,000 or more, and requires the appointment of a chief compliance officer. The superintendent of financial institutions is empowered to adopt enforcement rules and adjust transaction limits annually based on inflation, while existing sections of the Revised Code are repealed to implement these new provisions.

Statutes affected:
As Introduced: 1315.05, 1315.18