The proposed bill aims to enhance consumer protection for individuals using virtual currency kiosks in Washington State. It recognizes the increasing prevalence of financial fraud related to virtual currency transactions, particularly through imposter scams. The legislation asserts that while it seeks to protect the public, it does not create a legal duty for the state towards individuals. Key provisions include requirements for licensees operating virtual currency kiosks to report their locations and authorized delegates, limit daily transactions to $1,000, and impose a cap on fees associated with transactions. Additionally, kiosks must provide clear disclosures to consumers regarding potential fraud and the risks of losing money or virtual currency.

The bill also amends existing regulations by updating reporting requirements for licensees and ensuring that accurate records are maintained within the nationwide licensing system. It specifies that licensees must provide detailed receipts for transactions, including customer information, transaction specifics, and any applicable fees. The definition of a "virtual currency kiosk" is clarified to exclude mobile devices, ensuring that the regulations specifically target electronic terminals facilitating virtual currency exchanges. Overall, the bill seeks to create a safer environment for consumers engaging with virtual currency kiosks by implementing stricter operational guidelines and transparency measures.

Statutes affected:
Original Bill: 19.230.150