WeVote
Log In

Bill

Bill

S 757

Relates to the statewide presumptive eligibility standard for the receipt of child care assistance

2025 Regular Session Introduced by Samra Brouk

Regulates virtual currency kiosks by requiring licensing, registration, quarterly location reporting, and clear disclosures to consumers, including a $1,000 daily limit for new cus

SIGNED CHAP.5
0
WeVote Research Nonpartisan
Bill Summary · S 757

Summary — S.757: Regulations on Virtual Currency Kiosks (Fraud Prevention)

Status: Signed into law (CHAP. 5).
Note: source documents contain some conflicting dates and sponsor entries; this summary is based on the bill text filed as Senate Docket No. 2398 (presented by Sen. Barry R. Finegold).

Purpose

To reduce fraud and increase consumer protections for transactions conducted at virtual currency kiosks by (1) defining kiosk-related terms, (2) imposing licensing, registration and reporting obligations on kiosk operators, and (3) requiring clear consumer disclosures and transaction controls.

Key provisions

  • New statutory section added to Chapter 167B governing “Virtual Currency Kiosks.”

  • Definitions: establishes key terms including blockchain, blockchain analytics, blockchain analytics software, transaction hash, virtual currency address, virtual currency wallet, virtual currency kiosk, virtual currency kiosk operator, virtual currency kiosk transaction, and “new customer” (a person who has never transacted with the operator and remains a new customer for at least 30 days after first transaction).

  • Licensing and registration:

    • Kiosk operators may not engage in or advertise virtual-currency business activity in the Commonwealth unless licensed as a money transmitter under chapter 167F, 169 or 169A and applicable regulations.
    • Operators must register each money-transmission kiosk and obtain prior approval from the commissioner before activating a kiosk in Massachusetts.

  • Location reporting:

    • Operators must submit quarterly reports of each kiosk’s location within 45 days after the end of each calendar quarter. Required information includes legal name, trade name, physical address, start/end dates of kiosk operation, and any virtual currency addresses associated with the kiosk.

  • Required consumer disclosures and acknowledgements:

    • Operators must present clear, conspicuous disclosures in the customer’s chosen language and obtain confirmation of receipt/consent.
    • Mandatory disclosure elements include:
    • A prominent warning (in bold) that losses from fraudulent or accidental transactions are not recoverable and that virtual currency transactions are irreversible, plus advice to contact local law enforcement if scammed.
    • Material risks of virtual currency (irreversibility, potential timing differences for ledger recording), operator and customer liability for unauthorized transactions, and that acceptance of virtual currency can change.
    • Transaction amount shown in U.S. dollars and the virtual currency denomination.
    • Fees, exchange rates, and other customary disclosures.
    • A daily transaction limit for new customers capped at $1,000.
    • Notice procedures for changes to rules/policies and operator contact information (to be displayed on or at the kiosk).
    • Circumstances under which account information is shared with third parties.
    • The bill requires a receipt be provided upon completion of each transaction (text in the supplied copy is truncated; definitions in the bill indicate transaction hash and addresses are relevant receipt elements).

Who is affected

  • Virtual currency kiosk operators and any third parties that place or manage kiosks in Massachusetts.
  • Consumers who buy or sell virtual currency at kiosks (notably “new customers” who face a $1,000/day limit).
  • State regulatory agencies (commissioner with authority to approve kiosks and enforce registration/reporting requirements).
  • Law enforcement and consumer-protection entities that may receive reports or disclosures.

Enforcement, timeline, and procedural notes

  • Operators must be licensed and obtain prior commissioner approval before kiosk activation; quarterly reporting begins after kiosks operate.
  • The bill text provided does not include explicit penalties or enforcement procedures in the excerpt; those may appear elsewhere in the statute or regulations implementing the law.
  • Legislative records provided contain inconsistent dates and sponsor listings; official chapter and bill text filed with the Commonwealth should be consulted for authoritative enactment dates and final statutory language.

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

Sign in to ask a question.