The bill amends Section 19-14.3-1.1 of the General Laws in Chapter 19-14.3, which pertains to "Currency Transmissions." It introduces new definitions relevant to virtual currency operations, specifically expanding the definition of a "virtual currency kiosk operator" to include not only those who own the kiosks but also any person or business entity that facilitates or enables the purchase of virtual currency, regardless of whether they provide custodial or non-custodial services.

Additionally, the definition of a "virtual currency kiosk transaction" is broadened to encompass transactions conducted through digital products or applications that direct customers to remit payment in person, including through a clerk or other intermediary, for the purpose of completing the transaction.

The bill clarifies various terms related to virtual currency and establishes the role of the Department of Business Regulation, Division of Banking, in overseeing these activities. The act is set to take effect upon passage.

Statutes affected:
7955: 19-14.3-1.1