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 cash transaction limit for new customers from $1,000 to $2,000 and establishing a higher limit of $5,000 for existing customers. The bill also introduces a requirement for virtual-currency kiosk operators to disclose material risks associated with virtual currency transactions to customers in clear and legible writing. Additionally, it mandates that operators provide live customer service during specified hours and implement anti-fraud and compliance policies, including the designation of compliance and consumer protection officers.

Furthermore, the bill removes a previous moratorium that prohibited the operation of virtual-currency kiosks in Vermont until July 1, 2025, and instead establishes a new effective date for the act itself on that same date. The legislation emphasizes consumer protection by requiring operators to disclose relevant terms and conditions when opening accounts and prior to transactions, as well as to utilize blockchain analytics to prevent fraudulent activities. Overall, the bill seeks to enhance the regulatory framework for virtual-currency kiosks while ensuring consumer safety and transparency in transactions.

Statutes affected:
As Introduced: 8-2577