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132nd MAINE LEGISLATURE
FIRST REGULAR SESSION-2025
Legislative Document No. 1205S.P. 494 In Senate, March 20, 2025
An Act to Set Limits on Virtual Currency Kiosks
Reference to the Committee on Health Coverage, Insurance and Financial Services
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator TEPLER of Sagadahoc.
Cosponsored by Representative ARFORD of Brunswick and
Senators: CARNEY of Cumberland, INGWERSEN of York, Representative: FOLEY of Wells. Page 1 - 132LR0983(01)
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4 unstaffed electronic machine that allows users to engage in money transmission, including
5 any electronic machine that allows users to engage in money transmission, including any
6 machine that is capable of accepting or dispensing cash in exchange for virtual currency.
7 is enacted to read:
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9 person that engages in virtual currency business activity via a virtual currency kiosk located
10 in this State or a person that owns, operates or manages a virtual currency kiosk located in
11 this State through which virtual currency business activity is offered.
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14 Requirements for virtual currency kiosk operators are governed by this section.
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16 accept or dispense more than $1,000 in a day from or to a customer via a virtual currency
17 kiosk.
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19 whether direct or indirect, from a customer related to a single virtual currency kiosk
20 transaction that exceed the greater of:
21 A. Five dollars; and
22 B. Three percent of the United States dollar equivalent of virtual currency assets
23 involved in the transaction according to the publicly quoted market price of the virtual
24 currency asset exchange at the time the customer initiates the transaction.
25 For purposes of this subsection, "single virtual currency kiosk transaction" means the
26 purchase, sale, exchange, swap or conversion of virtual currency, or the subsequent transfer
27 of virtual currency, in a series of transactions.
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29 transmitter pursuant to this Act unless exempt pursuant to sections 6074 and 6075.
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31 another person to engage in virtual currency business activity via a virtual currency kiosk
32 in the State that is owned, operated or managed by the virtual currency kiosk operator, the
33 virtual currency kiosk operator shall ensure that the person engaging in virtual currency
34 business activity is licensed pursuant to subsection 3 and complies with all other applicable
35 provisions of this section.
36 No later than December 3, 2025, the Commissioner of Professional
37 and Financial Regulation shall submit a report to the Joint Standing Committee on Health
38 Coverage, Insurance and Financial Services that includes findings and recommendations
39 regarding the protection of customers of virtual currency kiosks from fraudulent activity.
40 The committee may submit legislation related to the report to the Second Regular Session
41 of the 132nd Legislature. Page 2 - 132LR0983(01)
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2 This bill requires licensing of virtual currency kiosk operators, caps fees at the greater
3 of $5 and 3% of the dollar amount of the transaction, establishes a $1,000 per day
4 transaction limit, and requires an operator that allows another person to engage in virtual
5 currency business activity via a virtual currency kiosk owned by that operator to ensure
6 that the person engaging in the virtual currency business activity is licensed and in
7 compliance with applicable provisions governing virtual currency kiosk operators.
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