Senate Bill 662 — which passed through the Florida Senate Appropriations Committee on Agriculture, Environment and General Government Subcommittee — mandates that businesses operating in Florida's virtual currency sector register with the state's Office of Financial Regulation.
More details — including criminal penalties for non-compliance — are outlined below:
- The bill defines a "virtual currency kiosk" as an electronic terminal that enables the exchange of virtual currency for fiat currency, or vice versa.
- A "virtual currency kiosk business" refers to entities operating these kiosks that are not categorized as money transmitters.
- Operating as a virtual currency kiosk entity without registration, or failing to maintain registration, is a third-degree felony.
- A money transmitter licensed as a money services business is not required to register as a virtual currency kiosk business.
- The bill highlights the need to disclose risks in virtual currency transactions to customers, as part of a broader effort to prevent unlawful activities within the virtual currency realm.
According to the Florida Senate, the bill is expected to take effect Jan. 1, 2025.
