AN ACT relating to the regulation of digital asset business.

Short title: Kentucky Money Transmitters and Virtual Currency Kiosk Operators Act

Amend various sections and create new sections of Subtitle 11 of KRS Chapter 286 to expand the scope of the subtitle to include virtual currency kiosk business; define terms; require licensure for virtual currency kiosk business in this state; require each virtual currency kiosk business location to be approved by the commissioner of the Department of Financial Institutions; require each application for a license to engage in virtual currency kiosk business to be accompanied by…

Administrative Regulations and Proceedings Banks and Financial Institutions Commerce Consumer Protection Digital Assets Licensing Local Government Peace Officers and Law Enforcement Reports Mandated Short Titles and Popular Names Local Mandate Corrections Impact

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This bill creates new rules for businesses that operate virtual currency kiosks, which are physical machines that let people buy or sell cryptocurrency. Businesses would need a state license, must meet requirements at each kiosk location, and would face rules around fraud detection, refunds, disclosures, and recordkeeping. State regulators would have the power to order refunds and even seize kiosks, and local governments would be allowed to set their own additional rules for these machines.…

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