The Virtual Currency Kiosk Regulation Act establishes a comprehensive framework for the regulation and reporting requirements of virtual currency kiosk operators in Pennsylvania. The bill mandates that these operators disclose material risks associated with virtual currency transactions, provide clear terms and conditions to customers, and issue receipts detailing transaction specifics. Additionally, it requires the implementation of anti-fraud policies, customer service provisions, and the designation of compliance and consumer protection officers. Operators must also utilize blockchain analytics to prevent fraudulent activities and report the locations of their kiosks to the Department of Banking and Securities.

Furthermore, the bill stipulates that virtual currency kiosk operators are classified as money transmitters and must obtain a money transmitter license to operate legally. They are required to apply for this license within a specified timeframe after the bill's effective date, allowing them to continue operations during the application review process. The act also emphasizes the importance of protecting vulnerable populations from financial exploitation and mandates the establishment of policies to address this issue. The act will take effect 60 days after its passage.