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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to virtual currency kiosk businesses; 2
amending s. 560.103, F.S.; defining terms and revising 3
the definition of the term "control person"; amending 4
s. 560.105, F.S.; requiring the Office of Financial 5
Regulation of the Financial Services Comm ission to 6
supervise virtual currency kiosk businesses; requiring 7
that rules adopted to regulate virtual currency kiosk 8
businesses be responsive to certain changes; creating 9
part V of ch. 560, F.S., entitled "Virtual Currency 10
Kiosk Businesses"; creating s. 560.501, F.S.; 11
providing legislative intent; creating s. 560.502, 12
F.S.; prohibiting a virtual currency kiosk business 13
from operating without registering or renewing its 14
registration in accordance with certain provisions; 15
requiring the office to make certai n notifications; 16
specifying that certain money transmitters are exempt 17
from registration but are subject to certain 18
provisions; requiring that certain entities that 19
perform or prevent certain actions be licensed as 20
money services businesses; providing crim inal 21
penalties for certain entities that operate or solicit 22
business as a virtual currency kiosk business under 23
certain circumstances; providing criminal penalties 24
for persons who register or attempt to register as a 25
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virtual currency kiosk business by cert ain means; 26
providing that a virtual currency kiosk business 27
registration is not transferable or assignable; 28
creating s. 560.503, F.S.; specifying application 29
requirements for registering as a virtual currency 30
kiosk business; requiring certain virtual curre ncy 31
kiosk businesses to submit an application within a 32
specified timeframe; requiring a registrant to report 33
certain changes in information within a specified 34
timeframe; requiring a registrant to renew its 35
registration within a specified timeframe; specify ing 36
requirements for a registrant to renew its 37
registration; requiring that the registration of a 38
virtual currency kiosk business be made inactive if 39
such business does not renew its registration by a 40
certain date; specifying requirements for a virtual 41
currency kiosk business to renew an inactive 42
registration; providing that a registration becomes 43
null and void under certain circumstances; providing 44
requirements if a registration becomes null and void; 45
requiring the office to deny certain applications 46
under certain circumstances; providing that certain 47
false statements made by a virtual currency kiosk 48
business render its registration void; authorizing the 49
commission to adopt rules; creating s. 560.504, F.S.; 50
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specifying requirements for specified disclosures and 51
attestations displayed by a virtual currency kiosk; 52
authorizing the commission to adopt rules; creating s. 53
560.505, F.S.; requiring an owner -operator to transact 54
business under the legal name by which it is 55
registered; providing exceptions; requiring a n owner-56
operator to maintain certain policies, processes, and 57
procedures; requiring an owner -operator to use 58
blockchain analytics; creating s. 506.506, F.S.; 59
providing criminal penalties; authorizing a court to 60
invalidate the registration of a registrant u nder 61
certain circumstances; providing effective dates. 62
63
Be It Enacted by the Legislature of the State of Florida: 64
65
Section 1. Present subsections (4) through (28) and (29) 66
through (36) of section 560.103, Florida Statutes, are 67
redesignated as subsections (5) through (29) and (31) through 68
(38), respectively, new subsections (4) and (30) and subsections 69
(39) through (42) are added to that section, and present 70
subsection (10) of that section is amended, to read: 71
560.103 Definitions. —As used in this chapter, the term: 72
(4) "Blockchain analytics" means the process of examining, 73
monitoring, and gathering insights from the data and transaction 74
patterns on a blockchain network. The primary aims of blockchain 75
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analytics are to understand and monitor the n etwork's health, 76
track transaction flows, and identify potential security 77
threats, including illicit activity, in order to extract 78
actionable insights. 79
(11)(10) "Control person" means, with respect to a money 80
services business or virtual currency kiosk b usiness, any of the 81
following: 82
(a) A person who holds the title of president, treasurer, 83
chief executive officer, chief financial officer, chief 84
operations officer, chief legal officer, or compliance officer 85
for a money services business or virtual currency kiosk 86
business. 87
(b) A person who holds any of the officer, general 88
partner, manager, or managing member positions named in the 89
money services business's or virtual currency kiosk business's 90
governing documents. As used in this paragraph, the term 91
"governing documents" includes bylaws, articles of incorporation 92
or organization, partnership agreements, shareholder agreements, 93
and management or operating agreements. 94
(c) A director of the money services business's or virtual 95
currency kiosk business's board of directors. 96
(d) A shareholder in whose name shares are registered in 97
the records of a corporation for profit, whether incorporated 98
under the laws of this state or organized under the laws of any 99
other jurisdiction and existing in that legal form, w ho owns 25 100
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percent or more of a class of the company's equity securities. 101
(e) A general partner or a limited partner, as those terms 102
are defined in s. 620.1102, who has a 25 percent or more 103
transferable interest, as defined in s. 620.1102, of a limited 104
partnership, limited liability limited partnership, foreign 105
limited partnership, or foreign limited liability limited 106
partnership, as those terms are defined in s. 620.1102. 107
(f) A member, who is a person that owns a membership 108
interest in a limited liabil ity company or a foreign limited 109
liability company, as those terms are defined in s. 605.0102(36) 110
and (26), respectively, that holds a 25 percent or more 111
membership interest in such company. As used in this subsection, 112
the term "membership interest" means a member's right to receive 113
distributions or other rights, such as voting rights or 114
management rights, under the articles of organization. 115
(g) A natural person who indirectly owns 25 percent or 116
more of the shares or stock interest, transferable interest as 117
defined in s. 620.1102, or membership interest as defined in 118
paragraph (f), of any legal entities referred to in paragraphs 119
(d)-(f). 120
(30) "Owner-operator" means a registrant or a licensed 121
money services business. 122
(39) "Virtual currency kiosk" means an electronic terminal 123
that acts as a mechanical agent of the owner -operator, enabling 124
the owner-operator to facilitate the exchange of virtual 125
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currency for fiat currency or other virtual currency for a 126
customer. 127
(40) "Virtual currency kiosk business" or "registrant" 128
means a corporation, limited liability company, limited 129
liability partnership, or foreign entity qualified to do 130
business in this state which operates a virtual currency kiosk 131
and which is not a money tran smitter as defined in this section. 132
(41) "Virtual currency kiosk transaction" means the 133
process in which a customer uses a virtual currency kiosk to 134
exchange virtual currency for fiat currency or other virtual 135
currency. A transaction begins at the point at which the 136
customer is able to initiate a transaction after the customer is 137
given the option to select the type of transaction or account, 138
and does not include any of the screens that display the 139
required terms and conditions, disclaimers, or attestation s. 140
(42) "Wallet" means hardware or software that enables 141
customers to store and use virtual currency. 142
Section 2. Paragraph (a) of subsection (1) and paragraph 143
(b) of subsection (2) of section 560.105, Florida Statutes, are 144
amended to read: 145
560.105 Supervisory powers; rulemaking. — 146
(1) The office shall: 147
(a) Supervise all money services businesses and their 148
authorized vendors and virtual currency kiosk businesses . 149
(2) The commission may adopt rules pursuant to ss. 150
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120.536(1) and 120.54 to adminis ter this chapter. 151
(b) Rules adopted to regulate money services businesses, 152
including deferred presentment providers and virtual currency 153
kiosk businesses, must be responsive to changes in economic 154
conditions, technology, and industry practices. 155
Section 3. Part V of chapter 560, Florida Statutes, 156
consisting of ss. 560.501 -560.506, Florida Statutes, is created 157
and entitled "Virtual Currency Kiosk Businesses." 158
Section 4. Section 560.501, Florida Statutes, is created 159
to read: 160
560.501 Legislative int ent.—The Legislature intends to 161
reduce unlawful and fraudulent activities by requiring virtual 162
currency kiosk businesses to register with the state and by 163
requiring such businesses and money transmitter licensees to 164
regularly and consistently disclose to a ll customers of virtual 165
currency kiosks certain specified risks relating to virtual 166
currency kiosk transactions. 167
Section 5. Effective March 1, 2026, section 560.502, 168
Florida Statutes, is created to read: 169
560.502 Registration required; exemptions; pen alties.— 170
(1) A virtual currency kiosk business in this state may 171
not operate without first registering, or renewing its 172
registration, in accordance with s. 560.503. The office shall 173
give written notice, in person or by mail, to each applicant 174
that the agency has granted or denied the application for 175
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registration. 176
(2) A money transmitter licensed as a money services 177
business pursuant to s. 560.141 is exempt from registration as a 178
virtual currency kiosk business but is subject to ss. 560.504, 179
560.505, and 560.506. 180
(3) An entity, in the course of its business, may not act 181
as an intermediary with the ability to unilaterally execute or 182
indefinitely prevent a virtual currency kiosk transaction, or 183
otherwise meet the definition of a money transmitter as defin ed 184
in s. 560.103, without being licensed as a money services 185
business pursuant to part II of this chapter. 186
(4) Unless licensed as a money services business pursuant 187
to part II of this chapter, an entity that operates or solicits 188
business as a virtual cur rency kiosk business without first 189
being registered with the office or without maintaining its 190
registration commits a felony of the third degree, punishable as 191
provided in s. 775.082, s. 775.083, or s. 775.084. 192
(5) A person who registers or attempts to r egister as a 193
virtual currency kiosk business by means of fraud, 194
misrepresentation, or concealment commits a felony of the third 195
degree, punishable as provided in s. 775.082, s. 775.083, or s. 196
775.084. 197
(6) A virtual currency kiosk business registration is sued 198
under this part is not transferable or assignable. 199
Section 6. Section 560.503, Florida Statutes, is created 200
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to read: 201
560.503 Registration applications. — 202
(1) To apply to be registered as a virtual currency kiosk 203
business under this part, the ap plicant must submit all of the 204
following to the office: 205
(a) A completed registration application on forms 206
prescribed by rule of the commission. The application must 207
include the following information: 208
1. The legal name, including any fictitious or trade names 209
used by the applicant in the conduct of its business, and the 210
physical and mailing address of the applicant. 211
2. The date of the applicant's formation and the state in 212
which the applicant was formed, if applicable. 213
3. The name, social security number, alien identification 214
or taxpayer identification number, business and residence 215
addresses, and employment history for the past 5 years for each 216
control person as defined in 560.103. 217
4. A description of the organizational structure of the 218
applicant, including the identity of any parent or subsidiary of 219
the applicant, and the disclosure of whether any parent or 220
subsidiary is publicly traded. 221
5. The name of the registered agent in this state for 222
service of process. 223
6. The physical address of the location of each virtual 224
currency kiosk through which the applicant proposes to conduct 225
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or is conducting business in this state. 226
7. An attestation that the applicant has developed clearly 227
documented policies, processes, an d procedures regarding the use 228
of blockchain analytics to prevent transfers to wallet addresses 229
linked to known criminal activity, including the manner in which 230
such blockchain analytics activity will integrate into its 231
compliance controls, and that the ap plicant will maintain and 232
comply with such blockchain analytics policies, processes, and 233
procedures. 234
8. Any other information as required by this chapter or 235
commission rule. 236
(b) Any information needed to resolve any deficiencies 237
found in the applicatio n within a time period prescribed by 238
rule. 239
(2) A virtual currency kiosk business operating in this 240
state on or before January 1, 2026, must submit a registration 241
application to the office within 30 days after that date. 242
(3) A registrant shall report, o n a form prescribed by 243
rule of the commission, any change in the information contained 244
in an initial application form or an amendment thereto within 30 245
days after the change is effective. 246
(4) A registrant must renew its registration annually on 247
or before December 31 of the year preceding the expiration date 248
of the registration. To renew such registration, the registrant 249
must submit a renewal application that provides: 250
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(a) The information required in paragraph (1)(a) if there 251
are changes in the applicati on information, or an affidavit 252
signed by the registrant that the information remains the same 253
as the prior year. 254
(b) Upon request by the office, evidence that the 255
registrant has been operating in compliance with ss. 560.504 and 256
560.505. Such evidence ma y be prescribed by rule by the 257
commission and may include, but need not be limited to, all of 258
the following: 259
1. Current disclosures presented to customers during the 260
transaction process. 261
2. Current use of blockchain analytics to prevent 262
transfers to wallet addresses linked to known criminal activity. 263
(5) The registration of a virtual currency kiosk business 264
that does not renew its registration by December 31 of the year 265
of expiration must be made inactive for 60 days. A virtual 266
currency kiosk business may not conduct business while its 267
registration is inactive. 268
(6) To renew an inactive registration, a virtual currency 269
kiosk business must, within 60 days after the registration 270
becomes inactive, submit all of the following: 271
(a) The information requir ed in paragraph (1)(a) if there 272
are changes in the application information or an affidavit 273
signed by the registrant that the information remains the same 274
as the prior year. 275
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(b) Evidence that the registrant was operating in 276
compliance with ss. 560.504 and 560.505. Such evidence may be 277
prescribed by rule by the commission and may include, but need 278
not be limited to, all of the following: 279
1. Current disclosures presented to customers during the 280
transaction process. 281
2. Current use of blockchain analytics to prevent 282
transfers to wallet addresses linked to known criminal activity. 283
284
Any renewal registration made pursuant to this subsection 285
becomes effective upon the date the office approves the 286
application for registration. The office shall approve the 287
renewal registration within a timeframe prescribed by rule. 288
(7) Failure to submit an application to renew a virtual 289
currency kiosk business's registration within 60 days after the 290
registration becomes inactive shall result in the registration 291
becoming null and void. If the registration is null and void, a 292
new application to register the virtual currency kiosk business 293
pursuant to subsection (1) must be submitted to the office and a 294
certification of registration must be issued by the office 295
before the virtual cu rrency kiosk business may conduct business 296
in this state. 297
(8) If a control person of a registrant or prospective 298
registrant has engaged in any unlawful business practice, or 299
been convicted or found guilty of, or pled guilty or nolo 300
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contendere to, regardl ess of adjudication, a crime involving 301
dishonest dealing, fraud, acts of moral turpitude, or other acts 302
that reflect an inability to engage lawfully in the business of 303
a registered virtual currency kiosk business, the office must 304
deny the prospective regis trant's initial registration 305
application or the registrant's renewal application. 306
(9) The office shall deny the application of a virtual 307
currency kiosk business that submits a renewal application and 308
fails to provide evidence of compliance upon request p ursuant to 309
paragraph (4)(b) or as required in paragraph (6)(b). 310
(10) Any false statement made by a virtual currency kiosk 311
business with respect to the name of the business or its 312
business address or location in any application for registration 313
under this section renders the registration void. A void 314
registration may not be construed as creating a defense to any 315
prosecution for violation of this chapter. 316
(11) The commission may adopt rules to administer this 317
section. 318
Section 7. Section 560.504, Flori da Statutes, is created 319
to read: 320
560.504 Disclosures. — 321
(1) Disclosures or attestations required by this section 322
and displayed by a virtual currency kiosk must meet all of the 323
following requirements: 324
(a) Be full and complete. 325
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(b) Contain no material misrepresentations. 326
(c) Be readily understandable and in the language in which 327
the virtual currency kiosk transaction is conducted. 328
(d) Be displayed in at least 14 -point type. 329
(2) Before authorizing a customer to initiate a virtual 330
currency kiosk transaction, the owner -operator shall ensure that 331
the virtual currency kiosk displays the disclosures in this 332
section on two separate screens. 333
(a) The first disclosure must be in substantially the 334
following form: 335
336
WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM 337
A STRANGER WHO IS INITIATING A DISHONEST SCHEME. 338
339
I UNDERSTAND THAT DISHONEST SCHEMES MAY APPEAR IN MANY 340
FORMS, INCLUDING, BUT NOT LIMITED TO: 341
1. Claims of a frozen bank account or credit card. 342
2. Fraudulent bank transactions. 343
3. Claims of identity theft or job offerings in 344
exchange for payments. 345
4. Requests for payments to government agencies or 346
companies. 347
5. Requests for disaster relief donations or loans. 348
6. Offers to purchase tickets for lotteries, 349
sweepstakes, or drawings for v ehicles. 350
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7. Prompts to click on desktop pop -ups, such as virus 351
warnings or communication from alleged familiar 352
merchants. 353
8. Communication from someone impersonating a 354
representative of your bank or a law enforcement 355
officer. 356
9. Requests from persons who are impersonating 357
relatives or friends in need or promoting investment 358
or romance scams. 359
360
PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO 361
SOMEONE YOU DON'T KNOW. 362
363
(b) The second disclosure must be in substantially the 364
following form: 365
366
WARNING: FUNDS LOST DUE TO USER ERROR OR FRAUD MAY NOT 367
BE RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS VIRTUAL 368
CURRENCY KIOSK ARE IRREVERSIBLE. I UNDERSTAND THESE 369
RISKS AND WISH TO CONTINUE WITH CONDUCTING MY VIRTUAL 370
CURRENCY KIOSK TRANSACTION. 371
372
PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO 373
SOMEONE YOU DON'T KNOW. 374
375
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(3)(a) After the disclosures provided in subsection (2) 376
are acknowledged by the customer, the virtual currency kiosk 377
business shall ensure that the virtual currency kiosk displays 378
on a pop-up window the following question to the customer: "ARE 379
YOU USING THIS KIOSK TO SEND VIRTUAL CURRENCY TO A WALLET OWNED 380
BY SOMEONE ELSE?" 381
(b) The virtual currency kiosk business shall require the 382
customer to respond to the question in paragraph (a) with a "no" 383
response before the customer can proceed to the attestation 384
required in subsection (4). 385
(c) The virtual currency kiosk business shall ensure that 386
the virtual currency kiosk terminates a customer's virtual 387
currency kiosk transaction if the customer provides a "y es" 388
response to the question in paragraph (a). 389
(4) After the disclosures provided in subsection (2) and, 390
with respect to virtual currency kiosk businesses, an answer of 391
"no" to the question provided in paragraph (3)(a), the owner -392
operator must ensure tha t the virtual currency kiosk displays, 393
on a screen by itself, a toll -free number for the customer to 394
contact regarding the risk of engaging in virtual currency 395
transactions and the following attestation in substantially the 396
following form: 397
398
I ATTEST THAT I HAVE BEEN GIVEN A TOLL -FREE NUMBER AND 399
THAT I HAVE HAD AN OPPORTUNITY TO CALL THE NUMBER TO 400
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SPEAK WITH SOMEONE REGARDING THE RISKS OF ENGAGING IN 401
VIRTUAL CURRENCY KIOSK TRANSACTIONS. I FURTHER ATTEST 402
THAT I UNDERSTAND THAT I MAY BE SOLELY RESPONSIBLE FOR 403
LOSS OF FUNDS DUE TO USER ERROR OR FRAUD. 404
405
(a) If a customer makes the attestation in this 406
subsection, the virtual currency kiosk may allow the customer to 407
proceed with the virtual currency kiosk transaction. 408
(b) If the customer does not make the attes tation in this 409
subsection, the owner -operator must ensure that the virtual 410
currency kiosk terminates the customer's virtual currency kiosk 411
transaction. 412
(5) The commission may adopt rules to administer this 413
section and to ensure that virtual currency kios k disclosures 414
are responsive to consumer fraud and emerging technology. 415
Section 8. Section 560.505, Florida Statutes, is created 416
to read: 417
560.505 Conduct of business. — 418
(1) An owner-operator may transact business under this 419
part only under the legal name by which such business is 420
registered. The use of a fictitious name is allowed if the 421
fictitious name has been registered with the Department of State 422
and disclosed to the office as part of an initial registration 423
or license application, or subsequent amendment to the 424
application, before its use. 425
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(2) An owner-operator must maintain clearly documented 426
policies, processes, and procedures with regard to the manner in 427
which the blockchain analytics activity integrates into their 428
compliance controls. An o wner-operator must use blockchain 429
analytics to prevent transfers to wallet addresses linked to 430
known criminal activity. 431
Section 9. Section 560.506, Florida Statutes, is created 432
to read: 433
560.506 Penalties.— 434
(1) An owner-operator of a virtual currenc y kiosk which 435
violates s. 560.504 commits a felony of the third degree, 436
punishable as provided in s. 775.082, s. 775.083, or s. 775.084. 437
(2) Each of the following violations constitutes a 438
misdemeanor of the second degree, punishable as provided in s. 439
775.082 or s. 775.083: 440
(a) Operating a virtual currency kiosk under any name 441
other than that designated in the registration, unless written 442
notification is given to the office. 443
(b) Assigning or attempting to assign a virtual currency 444
kiosk business regist ration issued under this part. 445
(c) Operating a virtual currency kiosk without the use of 446
blockchain analytics as required under s. 560.505. 447
(3) In addition to the criminal penalties provided in this 448
section, a court may invalidate the registration of a ny 449
registrant under this part who has been found guilty of conduct 450
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punishable under subsection (1) or subsection (2). 451
Section 10. Except as otherwise expressly provided in this 452
act, this act shall take effect January 1, 2026. 453