Republican Senator Colleen Burton has introduced Senate Bill 662, targeting Bitcoin and other virtual currency kiosks. This bill mandates state registration and supervision of virtual currency kiosk businesses to formalize the sector’s regulatory framework in Florida.
The bill, officially titled “Virtual Currency Kiosk Businesses,” demands that these businesses register with the state to operate legally. This move will bring all crypto ATMs and kiosks under regulatory scrutiny. Additionally, the bill stipulates that certain entities must acquire a license as money services businesses, adding another layer of oversight.
The bill defines crypto kiosks
One of the bill’s critical aspects is its detailed definition and inclusion of terms like “Virtual currency kiosk,” “Virtual currency kiosk business,” and “Wallet.” These definitions are crucial for understanding and regulating the specific activities and mechanisms of virtual currency transactions.
The bill characterizes a “Virtual currency kiosk” as an electronic terminal facilitating the exchange of virtual currency for fiat currency, or vice versa. The term “Virtual currency kiosk business” refers to entities operating these kiosks and not classified as money transmitters.
The legislation also emphasizes the importance of disclosing specific risks associated with virtual currency transactions to customers. This requirement is part of a broader legislative intent to curb unlawful and fraudulent activities in the virtual currency domain.
US has 83% of the world’s crypto ATMs
This proposal is among the several bills in the pipeline to regulate virtual currency operations in the US. Last year, California proposed a $1000 daily limit on crypto ATM withdrawals to curb scams.
According to Coin ATM Radar, there are over 34,746 crypto ATMs and kiosks operational worldwide, with the United States hosting a significant number of these—approximately 29,043.
The footprint of virtual currency kiosks is expanding, with 71 countries, 43 producers, and 499 operators involved in this global network.
This month, CoinGape reported that Bullet Blockchain acquired a network comprising 40 Bitcoin ATMs in the South Florida region.
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