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Bill

S 707

Relates to certain data required in an annual report on the administration of managed long term care plans

2025 Regular Session Introduced by Cordell Cleare and 7 co-sponsors

Requires licensing/registration, quarterly kiosk reporting, and clear disclosures for virtual currency kiosks to curb fraud and bring operators under the Banks Commissioner.

REFERRED TO WAYS AND MEANS
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Bill Summary · S 707

Summary — S.707 (2025): Regulation of Virtual Currency Kiosks; Fraud Prevention

Purpose

S.707 creates a new state regulatory framework (proposed Chapter 167K) for "virtual currency kiosks" to prevent fraud, improve consumer disclosures, and bring kiosk operators under the Commonwealth’s money-transmitter oversight. It focuses on licensing/registration, location reporting, required consumer disclosures and acknowledgements, and definitions needed to regulate kiosk activity.

Key provisions

  • New chapter and definitions: Establishes terms including “virtual currency kiosk,” “virtual currency kiosk operator,” “virtual currency wallet,” “virtual currency address,” “transaction hash,” “blockchain,” “blockchain analytics,” and “blockchain analytics software.” The Commissioner of Banks is designated as the regulator.

  • Licensing and registration:

    • A kiosk operator must be licensed as a money transmitter to engage in virtual-currency business activity or to hold itself out as able to do so in Massachusetts.
    • Operators must register each kiosk and obtain the Commissioner’s prior approval before activating a kiosk in the State.

  • Location reporting:

    • Operators must submit a quarterly report within 45 days after the end of each calendar quarter listing each kiosk’s details, including:
    • Company legal name and any fictitious/trade name
    • Physical address
    • Start date (and end date, if applicable) of kiosk operation at the location
    • Virtual currency address(es) associated with the kiosk

  • Consumer disclosures and consent:

    • Operators must present clear, conspicuous, language-appropriate disclosures of terms, risks, and conditions associated with kiosk transactions.
    • Operators must obtain customers’ acknowledgement/consent to those disclosures.
    • The bill requires a separate, prominent warning (in bold) that, among other points, states: losses due to fraudulent or accidental transactions are not recoverable, virtual currency transactions are irreversible, and customers should contact local law enforcement if they suspect a scam.

Who is affected

  • Virtual currency kiosk operators (persons or companies owning, operating, or managing kiosks in Massachusetts) — must be licensed/registered and comply with reporting and disclosure rules.
  • Customers who use kiosks — will receive mandated risk disclosures and must provide consent.
  • The Commissioner of Banks — gains authority to approve kiosk activations and enforce registration and reporting requirements.

Enforcement, missing elements, and impact

  • Enforcement authority is assigned to the Commissioner of Banks (text identifies the “commissioner” as the regulator).
  • The bill text provided does not include specific penalties, supervisory procedures, or detailed compliance timelines beyond the 45-day quarterly reporting window; additional enforcement/penalty language may appear elsewhere in the full bill.
  • By requiring licensing and disclosures, the bill aims to reduce kiosk-enabled fraud and increase transparency; it could raise compliance costs for kiosk operators and may lead some operators to exit the Massachusetts market if unable or unwilling to satisfy money-transmitter licensing requirements.

Legislative status & timeline

  • Introduced (Senate) 2/25/2025 by Sen. John J. Cronin; petitioned by multiple state senators.
  • Referred to Committee on the Judiciary (2/25/2025) and Financial Services (2/27/2025); advanced in the Senate and was passed by the Senate on 5/28/2025 and delivered to the House.
  • Referred to House Ways & Means (5/28/2025). A public hearing was scheduled for 10/07/2025.
  • Related/companion measures: SD 968 (replaces), S.9266 (prior session), A.700 (companion).

If you want, I can: (1) extract the full set of required disclosures from the bill (the posted text is truncated), (2) list likely compliance steps for kiosk operators, or (3) compare this bill to other state models for kiosk regulation.

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

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