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LD 1205

An Act To Set Limits On Virtual Currency Kiosks

132nd Legislature (2025-2026) Introduced by Poppy Arford and 4 co-sponsors

LD 1205: An Act To Set Limits On Virtual Currency Kiosks SummaryThis bill, which did not pass, sought to regulate the use of virtual currency kiosks (also known as cryptocurrency A

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
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Bill Summary · LD 1205

LD 1205: An Act To Set Limits On Virtual Currency Kiosks

Summary

This bill, which did not pass, sought to regulate the use of virtual currency kiosks (also known as cryptocurrency ATMs) within the state. The main intent of the legislation was to address concerns about the potential for these kiosks to be used for illicit financial activities or to take advantage of vulnerable consumers.

Key Provisions

The bill would have:

  1. Licensing Requirement: Required all operators of virtual currency kiosks to obtain a license from the state's Bureau of Financial Institutions.
  2. Kiosk Placement Restrictions: Prohibited the placement of virtual currency kiosks within 1,000 feet of certain locations, such as schools, daycare centers, and gambling establishments.
  3. Transaction Limits: Capped the maximum transaction amount for buying or selling virtual currency through a kiosk at $5,000 per day and $20,000 per year per customer.
  4. Consumer Disclosures: Mandated that kiosk operators provide clear disclosures to consumers about the risks and fees associated with virtual currency transactions.
  5. Monitoring and Reporting: Required kiosk operators to implement anti-money laundering and know-your-customer procedures, and to report suspicious transactions to the appropriate authorities.

Impact

If enacted, this bill would have significantly impacted the virtual currency industry within the state, as well as consumers who use these kiosks. The licensing, placement restrictions, and transaction limits were intended to reduce the potential for illicit activities and protect vulnerable individuals from financial exploitation. However, critics argued that the regulations would have been overly burdensome and could have hindered the growth of the virtual currency market in the state.

Procedural Details

The bill was introduced in the state legislature on March 20, 2025 but did not ultimately pass. It was placed in the legislative files pursuant to Joint Rule 310.3, indicating that it was effectively "dead" and would not be considered further during the current legislative session.

Compiled from official sources — confirm details with the bill’s official record.

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