HB2591 established the Virtual Currency Kiosk Consumer Protection Act (VCKCPA) as part of the Kansas Money Transmission Act.
The VCKCPA requires several items, including but not limited to:
- disclosure requirements for transactions made at virtual currency kiosks (also referred to as cryptocurrency ATMs) and their operators,
- licensing requirements for virtual currency kiosk operators as money transmitters by amending “money transmission” in the KMTA to include virtual currency kiosk activities,
- several fraud prevention measures,
- refunds of transactions within certain windows of time, including in cooperation with regulatory and law enforcement agencies,
- establishes a cap on certain fees, and
- requires quarterly reporting and other safeguards, among other KMTA updates.
Conference Committee Report Brief (summary of the bill)
Virtual Kiosk Consumer Protection Act
Full version of enrolled bill (KS Legislature)
NOTE: Continue to watch official channels for updates to Kansas Statutes Annotated at the respective state legislative and administrative bodies.
