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Bill

HB 665

Financial institutions and services; virtual currency kiosk operators, license required, penalties.

2026 Regular Session Introduced by Nicole Cole and 6 co-sponsors

Virginia requires virtual currency kiosk operators to obtain state licenses and establishes penalties for unlicensed operation to regulate cryptocurrency transaction machines.

Acts of Assembly Chapter text (CHAP0654)
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Bill Summary · HB 665

Legislative bill overview

HB 665 requires operators of virtual currency kiosks in Virginia to obtain a state license before conducting business. The bill establishes regulatory oversight of these machines—similar to ATMs but for cryptocurrency transactions—and creates penalties for unlicensed operation.

Why is this important

Virtual currency kiosks have proliferated in communities with minimal oversight, creating potential risks for fraud, money laundering, and consumer protection gaps. This bill addresses regulatory inconsistency by bringing kiosk operators under the state's financial services licensing framework, similar to money transmitter regulations already in place for other financial services.

Potential points of contention

  • Regulatory burden vs. innovation: Licensing requirements may increase operational costs for kiosk businesses and reduce market competition, while supporters argue this protects consumers from fraud and illicit financial activity
  • Definition and scope clarity: The bill's substitute revision (printed Feb 24) may have clarified or altered what qualifies as a "virtual currency kiosk," which could broaden or narrow applicability—details require review of the substitute text
  • Enforcement and penalties: The severity of penalties for unlicensed operation and enforcement mechanisms are critical; overly harsh penalties could eliminate small operators while weak enforcement may limit effectiveness

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

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