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, while allowing existing customers to transact up to $5,000 in a day. 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.

Furthermore, the bill removes a previous moratorium on the operation of virtual-currency kiosks in Vermont, which was set to last until July 1, 2025, and instead establishes a new effective date for the act itself on that same date. It also introduces various compliance measures, including the designation of compliance and consumer protection officers, and the use of blockchain analytics to prevent fraudulent activities. Overall, the bill seeks to enhance consumer protection and regulatory oversight in the rapidly evolving landscape of virtual currency transactions.

Statutes affected:
As Introduced: 8-2577