Illinois SB2319 regulates virtual currency kiosks, requiring disclosures, anti-fraud measures, and money transmitter licenses.
The Virtual Currency Kiosk Consumer Protection Act regulates virtual currency kiosks in Illinois. It requires kiosks to disclose material risks to customers, including the irreversible nature of transactions and the lack of FDIC or SIPC protections. Kiosks must also provide a warning notice and a receipt for each transaction. Operators must implement anti-fraud policies, enhanced due diligence, and compliance procedures. They must also use blockchain analytics to prevent fraud. Kiosks must report their locations quarterly and obtain a money transmitter license.
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