Senate Bill 975 establishes regulatory requirements for virtual currency kiosks in Wisconsin, mandating that operators obtain a license as money transmitters. The bill defines a virtual currency kiosk as an electronic terminal or retail location where users can exchange fiat currency for virtual currency or vice versa. Key provisions include a requirement for operators to display a printed fraud warning on each kiosk, which customers must acknowledge before proceeding with transactions. Additionally, operators must verify customer identities by collecting personal information and taking photographs during transactions.

The bill imposes transaction limits, capping daily exchanges at $500 per customer and restricting fees to the greater of $5 or 3% of the transaction amount. It also mandates that operators provide customer service during operational hours, issue detailed receipts for transactions, and notify law enforcement of kiosk locations prior to operation. Furthermore, operators are required to implement measures to prevent fraud and must issue refunds for fraudulent transactions reported within 30 days. Overall, the legislation aims to enhance consumer protection and oversight in the growing virtual currency market.