The proposed bill aims to enhance consumer protection for users of virtual currency kiosks in Washington State, addressing the rising incidents of financial fraud associated with virtual currency transactions. It establishes new regulations for licensees operating these kiosks, including mandatory reporting of branch locations and authorized delegates to a nationwide licensing system at least 30 days before commencing operations. Additionally, the bill sets a daily transaction limit of $1,000 per consumer and caps the fees associated with virtual currency transactions to either $5 or 5% of the transaction value, whichever is greater.

Furthermore, the bill mandates that virtual currency kiosks provide clear disclosures to consumers before transactions, including contact information for customer assistance and warnings about potential fraud. Upon completion of a transaction, kiosks must issue detailed receipts that include transaction specifics and the equivalent U.S. dollar value of the virtual currency involved. The bill also amends existing regulations to streamline reporting requirements for licensees and ensure compliance with state laws. Overall, the legislation seeks to safeguard consumers from fraud while promoting transparency in virtual currency transactions.

Statutes affected:
Original Bill: 19.230.150