The bill amends Section 19-14.3-1.1 of the General Laws in Chapter 19-14.3, introducing new definitions and regulations for virtual currency kiosk operators. Key insertions include definitions for "Blockchain analytics," "Virtual currency kiosk," and "Virtual currency kiosk operator," which clarify the responsibilities of these entities. The bill mandates that virtual currency kiosk operators must be licensed as money transmitters and register their kiosks with the Department of Business Regulation (DBR) prior to operation. Additionally, operators are required to submit quarterly reports on their kiosks' locations and operational status, which must include the operator's legal name, any fictitious or trade name, physical address of each kiosk, start and end dates of operation, and associated virtual currency addresses.

To enhance consumer protection, the bill establishes procedures for disclosures and refunds related to virtual currency transactions. It requires operators to disclose all relevant terms and conditions, including a warning about the irreversibility of transactions and the risks associated with virtual currency. New customers can request full refunds for transactions made within 30 days if they have been fraudulently induced, while existing customers can request refunds for transaction fees under similar conditions. Daily transaction limits are set at $2,000 for new customers and $5,000 for existing customers, applicable regardless of the number of kiosks used. The bill also requires operators to provide live customer service during specified hours and display a toll-free customer service number on their kiosks. These measures are intended to take effect upon passage, thereby enhancing consumer protection in virtual currency transactions.

Statutes affected:
16: 19-14.3-1.1
16  SUB A: 19-14.3-1.1