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1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1083 By: Weaver
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6 AS INTRODUCED
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7 An Act relating to digital assets; defining terms;
7 authorizing the use of digital asset kiosks;
8 authorizing the Banking Department to require
8 licensure; providing details of report; requiring
9 certain disclosures; specifying contents of receipt
9 upon transaction; preventing certain fraudulent
10 activity; requiring digital asset kiosk operators to
10 employ certain individual; specifying compliance;
11 prohibiting certain amount for transactions in a day;
11 establishing limits on transaction fees; requiring
12 customer services; establishing revocation of
12 licenses; providing for promulgation of rules;
13 providing for codification; and providing an
13 effective date.
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16 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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17 SECTION 1. NEW LAW A new section of law to be codified
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18 in the Oklahoma Statutes as Section 1520 of Title 6, unless there is
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19 created a duplication in numbering, reads as follows:
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20 As used in this act:
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21 1. "Blockchain analytics" means the analysis of data from
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22 blockchains or publicly distributed ledgers including, but not
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23 limited to, associated transaction information;
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1 2. "Blockchain technology" means the same as defined in Section
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2 1359 of Title 68 of the Oklahoma Statutes;
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3 3. "Currency" means the same as defined in Section 1512 of
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4 Title 6 of the Oklahoma Statutes;
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5 4. "Digital assets" means the same as defined in Section 1359
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6 of Title 68 of the Oklahoma Statutes;
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7 5. "Digital asset address" means an alphanumeric identifier
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8 associated with a digital asset wallet identifying the location to
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9 which a digital asset transaction can be sent;
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10 6. "Digital asset wallet" means a software application or other
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11 mechanism providing a means to hold, store, or transfer digital
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12 assets;
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13 7. "Digital asset kiosk" means an electronic terminal acting as
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14 a mechanical agent of the digital asset kiosk operator to enable the
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15 digital asset kiosk operator to facilitate the exchange of digital
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16 assets for money, bank credit, or other digital asset including, but
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17 not limited to:
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18 a. connecting directly to a separate digital asset
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19 exchange that performs the actual digital asset
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20 transmission, or
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21 b. drawing upon the digital asset in the possession of
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22 the electronic terminal's operator;
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23 8. "Digital asset kiosk operator" means a person or entity that
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24 engages in digital asset kiosk transactions via a digital asset
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Req. No. 851 Page 2
1 kiosk located in this state, or a person that owns, operates, or
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2 manages a money transmitter kiosk located in this state offering
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3 digital asset kiosk transactions;
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4 9. "Digital asset kiosk transaction" means a transaction
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5 conducted or performed, in whole or in part, by electronic means via
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6 a digital asset kiosk. Digital asset kiosk transaction shall also
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7 mean a transaction made at a digital asset kiosk to purchase digital
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8 assets with currency or to sell digital assets for currency;
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9 10. "New customer" means an individual who has never previously
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10 transacted with a digital asset kiosk operator. The new customer
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11 shall remain defined as such during the thirty (30) days after the
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12 first financial transaction with the digital asset kiosk operator;
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13 and
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14 11. "Transaction hash" means a unique identifier made up of a
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15 string of characters that acts as a record of and provides proof
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16 that the transaction was verified and added to the blockchain.
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17 SECTION 2. NEW LAW A new section of law to be codified
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18 in the Oklahoma Statutes as Section 1520.1 of Title 6, unless there
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19 is created a duplication in numbering, reads as follows:
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20 A. A digital asset kiosk operator shall not engage in digital
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21 asset kiosk transactions or hold itself out as being able to engage
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22 in digital asset kiosk transactions with or on behalf of another
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23 person unless the digital asset kiosk operator is licensed in this
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1 state as a money transmitter pursuant to the Oklahoma Financial
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2 Transaction Reporting Act.
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3 B. A digital asset kiosk operator shall not locate, or allow a
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4 third party to locate, a digital asset kiosk in this state unless the
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5 digital asset kiosk operator registers the digital asset kiosk and
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6 obtains the prior approval of the Banking Department prior to its
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7 activation.
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8 C. Each digital asset kiosk operator shall submit a quarterly
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9 report of the location of each digital asset kiosk located within
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10 this state within forty-five (45) days of the end of the calendar
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11 quarter. The location report shall include:
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12 1. The company's legal name;
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13 2. Any fictitious or trade name;
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14 3. The physical address;
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15 4. The start date of operation of the digital asset kiosk at
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16 each location;
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17 5. The end date of operation of the digital asset kiosk at each
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18 location, if applicable; and
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19 6. The digital asset address associated with the digital asset
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20 kiosk.
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21 D. A digital asset kiosk operator shall disclose in a clear,
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22 conspicuous, and easily readable manner in the chosen language of
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23 the customer all relevant terms and conditions generally associated
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1 with the products, services, and activities of the digital asset
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2 kiosk operator and digital assets.
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3 1. The digital asset kiosk operator shall receive
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4 acknowledgement of receipt of all disclosures required under this
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5 act through confirmation of consent.
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6 2. The disclosures under this act shall include:
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7 a. a warning, written prominently and in bold type, and
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8 provided separately from the disclosures below,
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9 stating: "WARNING: LOSSES DUE TO FRAUDULENT OR
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10 ACCIDENTAL TRANSACTIONS ARE NOT RECOVERABLE AND
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11 TRANSACTIONS IN DIGITAL ASSETS ARE IRREVERSIBLE.
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12 DIGITAL ASSET TRANSACTIONS MAY BE USED TO STEAL YOUR
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13 MONEY BY CRIMINALS IMPERSONATING THE GOVERNMENT,
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14 ORGANIZATIONS, OR YOUR LOVED ONES. THEY CAN THREATEN
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15 JAIL TIME, SAY YOUR IDENTITY HAS BEEN STOLEN, ALLEGE
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16 YOUR COMPUTER HAS BEEN HACKED, INSIST YOU WITHDRAW
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17 MONEY FROM YOUR BANK ACCOUNT TO PURCHASE DIGITAL
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18 ASSETS, OR A NUMBER OF OTHER SCAMS. IF YOU BELIEVE
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19 YOU ARE BEING SCAMMED, CALL YOUR LOCAL LAW
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20 ENFORCEMENT.",
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21 b. the material risks associated with digital assets and
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22 digital asset transactions including, but not limited
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23 to:
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1 (1) a warning that once completed, the transaction
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2 may not be reversed,
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3 (2) the digital asset kiosk operator's liability for
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4 unauthorized digital asset transactions,
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5 (3) the digital asset customer's liability for
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6 unauthorized currency transactions,
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7 (4) digital assets are not legal tender, backed or
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8 insured by the government, and accounts and value
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9 balances are not subject to Federal Deposit
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10 Insurance Corporation, National Credit Union
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11 Administration, or Securities Investor Protection
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12 Corporation protections,
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13 (5) some digital asset transactions are deemed to be
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14 made when recorded on a public ledger, which may
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15 not be the date or time when the person initiates
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16 the transaction,
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17 (6) a digital asset's value may be derived from
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18 market participants' continued willingness to
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19 exchange currency for digital assets, which may
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20 result in the permanent and total loss of a
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21 particular digital asset's value if the market
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22 for digital assets disappears,
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1 (7) a person who accepts a digital asset as payment
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2 today is not required to accept and might not
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3 accept a digital asset in the future,
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4 (8) the volatility and unpredictability of the price
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5 of digital assets relative to currency may result
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6 in a significant loss over a short period,
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7 (9) the nature of digital assets means that any
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8 technological difficulties experienced by digital
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9 asset kiosk operators may prevent access to or
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10 use of a person's digital assets, and
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11 (10) any bond maintained by the digital asset kiosk
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12 operator for the benefit of a person may not
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13 cover all losses a person incurs,
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14 c. the amount of the transaction denominated in United
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15 States dollars as well as the applicable digital
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16 assets,
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17 d. any fees or expenses charged by the digital asset
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18 kiosk operator,
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19 e. any applicable exchange rates,
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20 f. a daily digital asset transaction limit no more than
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21 One Thousand Dollars ($1,000.00),
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22 g. notice of a change in the digital asset kiosk
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23 operator's rules or policies,
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1 h. the name, address, and telephone number of the owner
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2 of the digital asset kiosk and the days, time, and
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3 means by which a consumer can contact the owner for
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4 customer assistance, displayed on or at the location
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5 of the digital asset kiosk, or on the first screen of
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6 the digital asset kiosk,
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7 i. under what circumstances the digital asset kiosk
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8 operator, without a court or government order,
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9 discloses a person's account information to third
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10 parties, and
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11 j. other disclosures that are customarily given in
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12 connection with a digital asset transaction.
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13 E. Upon each transaction's completion, the digital asset kiosk
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14 operator shall provide the customer with a physical receipt in the
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15 language chosen by the customer containing the following
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16 information:
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17 1. The digital asset kiosk operator's name and contact
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18 information, including a telephone number to answer questions and
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19 register complaints;
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20 2. The type, value, date, and precise time of the transaction,
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21 transaction hash, and each applicable digital asset address;
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22 3. The name and contact information of the sender;
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23 4. The name and contact information of the designated
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24 recipient;
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1 5. All fees charged;
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2 6. The exchange rate of the digital asset to United States
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3 dollars;
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4 7. A statement of the digital asset kiosk operator's liability
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5 for non-delivery or delayed delivery;
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6 8. A statement of the digital asset kiosk operator's refund
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7 policy; and
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8 9. Any additional information the Banking Department may
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9 require.
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10 F. All digital asset kiosk operators shall use blockchain
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11 technology to assist in the prevention of sending purchased digital
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12 assets from a digital asset kiosk operator to a digital asset wallet
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13 known to be affiliated with fraudulent activity at the time of a
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14 transaction. The Banking Department may request evidence from any
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15 digital asset kiosk operator of the current use of blockchain
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16 analytics.
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17 1. All digital asset kiosk operators shall take reasonable
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18 steps to detect and prevent fraud, including establishing and
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19 maintaining a written anti-fraud policy including, but not limited
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20 to:
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21 a. the identification and assessment of fraud-related
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22 risk areas,
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23 b. procedures and controls to protect against identified
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24 risks,
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Req. No. 851 Page 9
1 c. allocation of responsibility for monitoring risks, and
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2 d. procedures for the periodic evaluation and revision of
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3 the anti-fraud procedures, controls, and monitoring
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4 mechanisms.
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5 2. Each digital asset kiosk operator shall designate and employ
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6 a compliance officer with the following requirements:
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7 a. the individual shall be qualified to coordinate and
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8 monitor compliance with this act and all other
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9 applicable federal and state laws, rules, and
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10 regulations,
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11 b. the individual shall be employed full-time by the
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12 digital asset kiosk operator,
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13 c. the designated compliance officer cannot be any
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14 individual who owns more than twenty percent (20%) of
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15 the digital asset kiosk operator by whom the
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16 individual is employed, and
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17 d. compliance responsibilities required under federal and
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18 state laws, rules, and regulations shall be completed
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19 by full-time employees of the digital asset kiosk
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20 operator.
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21 3. A digital asset kiosk operator shall issue a refund to a new
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22 customer for the full amount of all transactions made within a
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23 thirty-day period upon the request of the new customer. To receive
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24 a refund under this section, a new customer shall have been
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Req. No. 851 Page 10
1 fraudulently induced to engage in the digital asset transactions and
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2 shall contact the digital asset kiosk operator and a government or
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3 law enforcement agency to inform them of the fraudulent nature of
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4 the transactions within ninety (90) days of the last transaction to
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5 occur during the thirty-day period.
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6 4. A digital asset kiosk operator shall issue a refund to an
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7 existing customer for the full amount of all transaction fees upon
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8 the request of an existing customer. To receive a refund under this
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9 paragraph, a customer shall have been fraudulently induced to engage
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10 in digital asset transactions and shall contact the digital asset
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11 kiosk operator and a government or law enforcement agency to inform
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12 them of the fraudulent nature of the transaction within ninety (90)
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13 days of the transaction.
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14 G. A digital asset kiosk operator shall not accept transactions
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15 more than One Thousand Dollars ($1,000.00), or the equivalent in
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16 digital assets, in a single day in connection with digital asset
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17 kiosk transactions with a single customer in this state by one or
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18 more digital asset kiosks.
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19 H. The aggregate fees and charges, directly or indirectly,
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20 charged to a customer related to a single transaction or series of
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21 related transactions involving digital assets effected through a
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22 digital asset kiosk in this state, including any difference between
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23 the price charged to a customer to buy, sell, exchange, swap, or
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24 convert digital assets and the prevailing market value of such
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Req. No. 851 Page 11
1 digital assets at the time of such transaction, shall not exceed the
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2 greater of:
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3 1. Five Dollars ($5.00); or
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4 2. Three percent (3%) of the United States dollar equivalent of
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5 the digital assets involved in the transaction or transactions.
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6 I. All digital asset kiosk operators performing business in
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7 this state shall provide live customer service at a minimum Monday
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8 through Friday from 8:00 am EST to 10:00 pm EST. The customer
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9 service toll-free number shall be displayed on the digital asset
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10 kiosk or the digital asset kiosk screens.
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11 J. If a digital asset kiosk operator is the subject of two or
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12 more consumer complaints relating to fraudulent inducement of
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13 transfers that are not reimbursed to the consumer by the digital
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14 asset kiosk operator, the Banking Department shall revoke the money
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15 transmitter license of the digital asset kiosk operator. The
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16 digital asset kiosk operator shall be thereafter banned from doing
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17 business in this state.
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18 K. The Banking Department shall promulgate the rules necessary
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19 to implement the provisions of this act.
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20 SECTION 3. This act shall become effective November 1, 2025.
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22 60-1-851 MR 1/16/2025 3:13:55 PM
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Req. No. 851 Page 12Every fact on this page links to its source, starting with the official bill record.