Massachusetts S3048 establishes regulations on virtual currency kiosks to prevent fraud.

Massachusetts S3048, known as the "SCAM" Act, aims to prevent fraud and establish regulations on virtual currency kiosks. The bill prohibits virtual currency kiosk operators from operating in the commonwealth without proper authorization. It also allows the attorney general to bring actions against operators and premises owners who knowingly violate these regulations. Penalties include forfeiture of collected charges, virtual currency kiosks, and costs associated with the investigation. The act takes effect upon passage.

Massachusetts S3048 establishes regulations on virtual currency kiosks to prevent fraud.

Massachusetts S3048, known as the "SCAM" Act, aims to prevent fraud and establish regulations on virtual currency kiosks. The bill prohibits virtual currency kiosk operators from operating in the commonwealth without proper authorization. It also allows the attorney general to bring actions against operators and premises owners who knowingly violate these regulations. Penalties include forfeiture of collected charges, virtual currency kiosks, and costs associated with the investigation. The act takes effect upon passage.