The bill amends the Code of West Virginia to create a regulatory framework for money transmission services, specifically focusing on virtual currency kiosks. It introduces a new section, 32A-2-8c, which establishes licensing requirements for virtual currency kiosk operators, including definitions related to virtual currency transactions. Key provisions include disclosure requirements for licensees, maximum fees and commissions, daily transaction limits, and mandates for refunds in cases of fraudulent transactions. The bill clarifies the relationship between state and federal laws regarding money transmission and grants the Commissioner of Financial Institutions the authority to provide interpretive guidance.

Additionally, the bill outlines specific responsibilities for virtual currency kiosk operators, including the need to disclose material risks and provide clear terms for transactions. It prohibits individuals with certain criminal convictions from acting as delegates for licensees and requires contracts that ensure compliance with laws. The bill also mandates reporting requirements for licensees regarding their authorized delegates, including the status of virtual currency kiosks, and emphasizes the importance of compliance and accountability in their operations. Overall, the legislation aims to enhance consumer protection and regulatory oversight in the evolving landscape of digital currency transactions.

Statutes affected:
Introduced Version: 32A-2-1, 32A-2-4, 32A-2-17, 32A-2-27, 32A-2-8c
Committee Substitute: 32A-2-1, 32A-2-4, 32A-2-17, 32A-2-27, 32A-2-8c