Kentucky SB189 regulates virtual currency kiosks, requiring licensing, setting operational standards, and establishing penalties for violations.

Kentucky SB189 establishes a licensing framework for virtual currency kiosks, also known as crypto ATMs. The bill mandates that operators obtain a license from the Kentucky Department of Financial Institutions, detailing application requirements, financial thresholds, and operational standards. It outlines procedures for license issuance, renewal, and revocation, and sets penalties for violations. The bill also requires operators to implement anti-fraud policies, maintain records, and provide clear transaction disclosures to users.

Kentucky SB189 regulates virtual currency kiosks, requiring licensing, setting operational standards, and establishing penalties for violations.

Kentucky SB189 establishes a licensing framework for virtual currency kiosks, also known as crypto ATMs. The bill mandates that operators obtain a license from the Kentucky Department of Financial Institutions, detailing application requirements, financial thresholds, and operational standards. It outlines procedures for license issuance, renewal, and revocation, and sets penalties for violations. The bill also requires operators to implement anti-fraud policies, maintain records, and provide clear transaction disclosures to users.