Illinois SB2319 establishes regulations for virtual currency kiosks, including disclosure requirements, anti-fraud measures, and licensing.
SB2319, the Virtual Currency Kiosk Consumer Protection Act, mandates that virtual currency kiosk operators provide customers with a digital or physical receipt after transactions. Operators must also disclose specific warnings and general terms and conditions before initiating a transaction. The Act requires operators to implement anti-fraud, enhanced due diligence, and compliance policies, and to designate compliance and consumer protection officers. Operators must use blockchain analytics software to prevent fraudulent transactions and report kiosk locations quarterly.
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