Bill
SB 198
SB 198 regulates Florida's virtual currency kiosks, enhancing consumer protection with transaction limits, disclosures, and refund policies to prevent fraud.
Bill Number: SB 198
Introduced: October 15, 2025
Status: Referred to Banking and Insurance; Commerce and Tourism; Rules
Effective Date: January 1, 2027
Primary Sponsor: Senator Rouson
SB 198 aims to regulate virtual currency kiosks in Florida by establishing clear guidelines for their operation. The bill seeks to enhance consumer protection, ensure transparency in transactions, and mitigate the risk of fraud associated with virtual currency exchanges.
The bill introduces several key definitions related to virtual currency kiosks:
- Virtual Currency Kiosk: An electronic terminal that facilitates the exchange of virtual currency for fiat currency or other virtual currencies.
- New Customer: A customer who has transacted with the kiosk operator for fewer than 7 days.
- Existing Customer: A customer who has transacted with the kiosk operator for 7 or more days.
Before initiating a transaction, kiosks must display a warning message to customers, advising them to be cautious of potential fraud, especially if directed to the kiosk by unknown individuals.
Upon completion of a transaction, kiosk operators must provide customers with an electronic receipt that includes:
- Operator's contact information
- Transaction details (date, time, value, type)
- Transaction hash and wallet information
- Total fees charged and exchange rates
- Liability statement for nondelivery or delayed delivery
- Refund policy
Kiosk operators are required to issue a full refund within 72 hours for the first transaction if:
1. The customer transferred virtual currency to a wallet or exchange outside the U.S.
2. The customer contacts the operator and law enforcement within 60 days regarding the fraudulent nature of the transaction.
3. The customer provides proof of fraud (e.g., police report).
The Financial Services Commission is authorized to adopt rules to administer the provisions of this section.
This legislation will primarily affect:
- Consumers: By providing clearer guidelines and protections when using virtual currency kiosks.
- Kiosk Operators: By imposing new operational requirements and transaction limits, which may affect their business models and compliance costs.
The bill has been referred to the following committees for further consideration:
- Banking and Insurance
- Commerce and Tourism
- Rules
The effective date of the provisions outlined in the bill is set for January 1, 2027, allowing time for implementation and compliance by kiosk operators.
This summary provides an overview of SB 198, highlighting its purpose, key provisions, and potential impacts on consumers and operators of virtual currency kiosks in Florida.
Compiled from official sources — confirm details with the bill’s official record.
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