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Bill

SB 489

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

2026 Regular Session Introduced by Michelle Maldonado and 3 co-sponsors

Virginia requires virtual currency kiosk operators to obtain state licenses, creating regulatory oversight for cryptocurrency exchange machines and establishing penalties for unlicensed operation.

Approved by Governor-Chapter 655 (effective 7/1/2026)
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WeVote Research Nonpartisan
Bill Summary · SB 489

Legislative bill overview

SB 489 requires virtual currency kiosk operators in Virginia to obtain a license from the State Corporation Commission before operating. The bill establishes regulatory oversight and compliance requirements for businesses offering cryptocurrency and digital asset exchange services through automated machines.

Why is this important

Virtual currency kiosks operate in a largely unregulated space, creating potential gaps in consumer protection, anti-money laundering enforcement, and tax compliance. Licensing creates accountability mechanisms and allows the state to monitor transactions that could involve fraud, illicit activity, or consumer harm—while also generating clarity for legitimate cryptocurrency businesses.

Potential points of contention

  • Business compliance costs: Small operators and entrepreneurs may face barriers to entry due to licensing fees, application procedures, and ongoing regulatory requirements
  • Cryptocurrency industry perspective: Some advocates argue excessive regulation stifles innovation and competitive alternatives to traditional banking; others see it as necessary oversight
  • Implementation details unclear: The bill's text doesn't specify licensing standards, fees, reporting requirements, or penalties, which could create uncertainty during regulatory development by the State Corporation Commission

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

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