The bill amends Section 19-14.3-1.1 of the General Laws regarding "Currency Transmissions" to include new definitions relevant to virtual currency transactions. Key definitions added include "Virtual currency kiosk," defined as an electronic terminal that facilitates the exchange of virtual currency for fiat currency or other virtual currencies, and outlines the methods by which this exchange can occur.

Additionally, the bill introduces a new section, 19-14.3-3.9, which mandates that, on or after January 1, 2026, operators of virtual currency kiosks must provide customers with the option to receive a paper receipt, electronic receipt, or both, detailing the transaction. The required receipt must include public virtual currency wallet addresses, the full name of the account owner, unique transaction identifiers, and statements regarding the company's fraud victim refund policy.

Furthermore, the bill stipulates that virtual currency kiosks unable to provide paper receipts at the time of the transaction must be disabled by the operator to prevent the processing of any virtual currency transaction without a paper receipt. This legislation aims to enhance transparency and consumer protection in virtual currency transactions through the use of kiosks. The provisions of this act will take effect upon passage.

Statutes affected:
5636: 19-14.3-1.1