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Senate Bill 662 Requires Supervision of Virtual Currency Kiosks

The bill will subject all crypto ATMs and kiosks to regulatory oversight.

State lawmakers have passed a new bill that involves regulating bitcoin and other virtual currency kiosks.

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.
Cristina Carter is a Tallahassee-based staff writer. She has a bachelor's degree in English literature and a master's degree in international affairs, both from Florida State University.