The bill S.129, introduced by Senator Cummings, aims to amend Vermont law regarding the regulation of virtual-currency kiosk operators. Key changes include increasing the daily transaction limit for cash transactions with new customers from $1,000 to $2,000, while allowing existing customers to transact up to $5,000 in a day. The bill also introduces a new definition for "new" and "existing" customers based on their transaction history. Additionally, the cap on fees charged to customers is raised from three percent to 15 percent of the U.S. dollar equivalent of the virtual currency involved in the transaction.

Furthermore, the bill mandates that virtual-currency kiosk operators disclose material risks associated with virtual currency transactions to customers before initiating any transactions. It also requires operators to implement various compliance and fraud prevention measures, including the designation of compliance and consumer protection officers. The act is set to take effect on July 1, 2025, and replaces a previous moratorium on the operation of virtual-currency kiosks in Vermont.

Statutes affected:
As Introduced: 8-2577