Florida Bill Targets Virtual Currency Kiosks

The bill defines terms like “virtual currency kiosk” and “virtual currency kiosk enterprise” while emphasizing consumer risk awareness.

Senator 662 of the Republican Party, introduced by Colleen Burton, specifically addresses virtual currency terminals and Bitcoin. To formalize the regulatory framework of the virtual currency kiosk industry in Florida, this bill mandates state registration and oversight.

Crypto Kiosks are Defined by the Bill

Legislation formally known as “Virtual Currency Kiosk Businesses” mandates the registration of such enterprises with the state to ensure their lawful operation.

This action will subject all cryptocurrency ATMs and terminals to regulatory oversight. In addition, specific entities are required to obtain a license to operate as money services businesses; the law introduces an additional level of regulation.

A crucial element of the bill is its comprehensive elucidation and incorporation of terminology such as “virtual currency kiosk,” “virtual currency kiosk enterprise,” and “wallet.”

Comprehending and regulating the precise operations and mechanisms of virtual currency transactions requires these definitions.

A “virtual currency kiosk” is defined by the bill as an electronic terminal that converts virtual currency to fiat currency or vice versa. The phrase “virtual currency kiosk enterprise” pertains to organizations that operate these terminals and are not categorized as money transmitters.

Additionally, the legislation stresses the significance of informing consumers of the risks associated with virtual currency transactions. This stipulation is an element of a more extensive legislative objective to prevent fraudulent and illicit activities in virtual currencies.

Numerous measures are being drafted to regulate virtual currency operations in the United States, including this one. To prevent fraud, California proposed a daily limit of $1000 on cryptocurrency ATM withdrawals last year.

Coin ATM Radar estimates that there are over 34,746 crypto ATMs and terminals in operation globally, with approximately 29,043 of these located in the United States.

The global network of virtual currency terminals is experiencing significant growth, encompassing 499 operators, 71 countries, and 43 producers.