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SENATE FLOOR VERSION
February 27, 2025
AS AMENDED
SENATE BILL NO. 1083 By: Weaver
[ digital assets - kiosks - licensure -
disclosures - receipt - transactions - customer
services - promulgation of rules - codification -
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1520 of Title 6, unless there is
created a duplication in numbering, reads as follows:
As used in this act:
1. “Blockchain analytics” means the analysis of data from
blockchains or public ly distributed ledgers including, but not
limited to, associated transaction information;
2. “Blockchain technology ” means the same as defined in Sec tion
1359 of Title 68 of the Oklahoma Statutes;
3. “Currency” means the same as defined in Section 1512 of
Title 6 of the Oklahoma Statutes;
4. “Digital assets” means the same as defined in Section 1359
of Title 68 of the Oklahoma Statutes;
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5. “Digital asset address” means an alphanumeric identifier
associated with a digital asset wallet identifying the location to
which a digital asset transaction can be sent ;
6. “Digital asset wallet” means a software application or other
mechanism providing a means t o hold, store, or transfer digital
assets;
7. “Digital asset kiosk” means an electronic terminal acting as
a mechanical agent of the digital asset kiosk operator to enable the
digital asset kiosk operator to facilitate the exchange of digital
assets for money, bank credit, or other digital asset including, but
not limited to:
a. connecting directly to a separate digital asset
exchange that performs the actual digital asset
transmission, or
b. drawing upon the digital asset in the possession of
the electronic terminal’s operator;
8. “Digital asset kiosk operator” means a person or entity that
engages in digital asset kiosk transactions via a digital asset
kiosk located in this state, or a person that owns, operates, or
manages a money transmitter kiosk located in this state offering
digital asset kiosk transactions;
9. “Digital asset kiosk transaction” means a transaction
conducted or performed, in whole or in part, by electronic means via
a digital asset kiosk. Digital asset kiosk transaction shall also
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mean a transaction made at a digital asset kiosk to purchase digital
assets with currency or to sell digital assets for currency;
10. “New customer” means an individual who has never previously
transacted with a digital asset kiosk operator. The new customer
shall remain defined as such during the thirty (30) days after the
first financial transaction with the digital asset kiosk operator;
and
11. “Transaction hash” means a unique identifier made up of a
string of characters that act s as a record of and p rovides proof
that the transaction was verified and added to the blockchain.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1520.1 of Title 6, unless there
is created a duplication in numbering, reads a s follows:
A. A digital asset kiosk operator shall not engage in digital
asset kiosk transactions or hold itself out as being able to engage
in digital asset kiosk transactions with or on behalf of another
person unless the digital asset kiosk operator is licensed in this
state as a money transmitter pursuant to the Oklahoma Financial
Transaction Reporting Act .
B. A digital asset kiosk operator shall not locate, or allow a
third party to locate, a digital asset kiosk in this state unless the
digital asset kiosk operator registers the digital asset kiosk and
obtains the prior approval of the Banking Department prior to its
activation.
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C. Each digital asset kiosk operator shall submit a quarterly
report of the location of each digital asset kiosk located within
this state within forty-five (45) days of the end of the calendar
quarter. The location report shall include:
1. The company’s legal name;
2. Any fictitious or trade name;
3. The physical address;
4. The start date of operation of the digital asset kiosk at
each location;
5. The end date of operation of the digital asset kiosk at each
location, if applicable; and
6. The digital asset address associated with the digital asset
kiosk.
D. A digital asset kiosk operator shall disclose in a clear,
conspicuous, and easily readable manner in the chosen language of
the customer all relevant terms and conditions generally associated
with the products, services, and activities of the digital asset
kiosk operator and digital assets.
1. The digital asset kiosk operator shall receive
acknowledgement of receipt of all disclosures required under this
act through confirmation of consent.
2. The disclosures under this act shall include:
a. a warning, written prominently and in bold type, and
provided separately from the disclosures below,
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stating: “WARNING: LOSSES DUE TO FRAUDULENT OR
ACCIDENTAL TRANSACTIONS ARE NOT RECOVERABLE AND
TRANSACTIONS IN DIGITAL ASSETS ARE IRREVERSIBLE.
DIGITAL ASSET TRANSACTIONS MAY BE USED TO STEAL YOUR
MONEY BY CRIMINALS IMPERSONAT ING THE GOVERNMENT,
ORGANIZATIONS, OR YOUR LOVED ONES. THEY CAN THREATEN
JAIL TIME, SAY YOUR IDENTITY HAS BEEN STOLEN, ALLEGE
YOUR COMPUTER HAS BEEN HACKED, INSIST YOU WITHDRAW
MONEY FROM YOUR BANK ACCOUNT TO PURCHASE DIGITAL
ASSETS, OR A NUMBER OF OTHER SCAMS. IF YOU BELIEVE
YOU ARE BEING SCAMMED, CALL YOUR LOCAL LAW
ENFORCEMENT.”,
b. the material risks associated with digital assets and
digital asset transactions including, but not limited
to:
(1) a warning that once completed, the transaction
may not be reversed,
(2) the digital asset kiosk operator’s liability for
unauthorized digital asset transactions,
(3) the digital asset customer’s liability for
unauthorized currency transactions,
(4) digital assets are not legal tender, backed or
insured by the government, and accounts and value
balances are not subject to Federal Deposit
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Insurance Corporation, National Credit Union
Administration, or Securities Investor Protection
Corporation protections ,
(5) some digital asset transactions are deemed to be
made when recorded on a public ledger , which may
not be the date or time when the person initiates
the transaction,
(6) a digital asset’s value may be derived from
market participants’ continued willingness to
exchange currency for digital assets, which may
result in the permanent and total loss of a
particular digital asset’s value if the market
for digital assets disappears,
(7) a person who accepts a digital asset as payment
today is not required to accept and might not
accept a digital asset in the future,
(8) the volatility and unpredictability of the price
of digital assets relative to currency may result
in a significant loss over a short period ,
(9) the nature of digital assets means that any
technological difficulties experienced by digital
asset kiosk operators may prevent access to or
use of a person’s digital assets, and
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(10) any bond maintained by the digital asset kiosk
operator for the benefit of a person may not
cover all losses a person incurs ,
c. the amount of the transaction denominated in U nited
States dollars as well as the applicable digital
assets,
d. any fees or expenses charged by the digital asset
kiosk operator,
e. any applicable exchange rates ,
f. a daily digital asset transaction limit no more than
One Thousand Dollars ( $1,000.00),
g. notice of a change in the digital asset kiosk
operator’s rules or policies,
h. the name, address, and telephone number of the owner
of the digital asset kiosk and the days, time, and
means by which a consumer can contact the owner for
customer assistance, displayed on or at the location
of the digital asset kiosk, or on the first screen of
the digital asset kiosk,
i. under what circumstances the digital asset kiosk
operator, without a court or government order,
discloses a person’s account information to third
parties, and
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j. other disclosures that are customarily given in
connection with a digital asset transaction.
E. Upon each transaction ’s completion, the digital asset kiosk
operator shall provide the customer with a physical receipt in the
language chosen by the customer containing the following
information:
1. The digital asset kiosk operator’s name and contact
information, including a telephone number to answer questions and
register complaints;
2. The type, value, date, and precise tim e of the transaction,
transaction hash, and each applicable digital asset address;
3. The name and contact information of the sender;
4. The name and contact information of the designated
recipient;
5. All fees charged;
6. The exchange rate of the digital asset to United States
dollars;
7. A statement of the digital asset kiosk operator’s liability
for non-delivery or delayed delivery;
8. A statement of the digital asset kiosk operator’s refund
policy; and
9. Any additional information the Banking De partment may
require.
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F. All digital asset kiosk operators shall use blockchain
technology to assist in the prevention of sending purchased digital
assets from a digital asset kiosk operator to a digital asset wallet
known to be affiliated with fraudulent activity at t he time of a
transaction. The Banking Department may request evidence from any
digital asset kiosk operator of the current use of blockchain
analytics.
1. All digital asset kiosk operators shall take reasonable
steps to detect and prevent f raud, including establishing and
maintaining a written anti -fraud policy including, but not limited
to:
a. the identification and assessment of fraud -related
risk areas,
b. procedures and controls to protect against identified
risks,
c. allocation of responsibility for monitoring risks, and
d. procedures for the periodic evaluation and revision of
the anti-fraud procedures, controls, and monitoring
mechanisms.
2. Each digital asset kiosk operator shall designate and employ
a compliance officer with the fol lowing requirements:
a. the individual shall be qualified to coordinate and
monitor compliance with this act and all other
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applicable federal and state laws, rules, and
regulations,
b. the individual shall be employed full-time by the
digital asset kiosk operator,
c. the designated compliance officer cannot be any
individual who owns more than twenty percent (20%) of
the digital asset kiosk operator by whom the
individual is employed , and
d. compliance responsibilities required under federal and
state laws, rules, and regulations shall be completed
by full-time employees of the digital asset kiosk
operator.
3. A digital asset kiosk operator shall issue a refund to a new
customer for the full amount of all transactions made within a
thirty-day period upon the request of t he new customer. To receive
a refund under this section, a new customer shall have been
fraudulently induced to engage in the digital asset transactions and
shall contact the digital asset kiosk operator and a government or
law enforcement agency to inform them of the fraudulent nature of
the transactions within ninety (90) days of the last transaction to
occur during the thirty -day period.
4. A digital asset kiosk operator shall issue a refund to an
existing customer for the full amount of all transactio n fees upon
the request of an existing customer. To receive a refund under this
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paragraph, a customer shall have been fraudulently induced to engage
in digital asset transactions and shall contact the digital asset
kiosk operator and a government or law enforcement agency to inform
them of the fraudulent nature of the transaction within ninety (90)
days of the transaction.
G. A digital asset kiosk operator shall not accept transactions
more than One Thousand Dollars ($1,000.00), or the equivalent in
digital assets, in a single day in connection with digital asset
kiosk transactions with a single customer in this state by one or
more digital asset kiosks.
H. The aggregate fees and charges, directly or indirectly,
charged to a customer related to a single transaction or series of
related transactions involving digital assets effected through a
digital asset kiosk in this state, including any difference between
the price charged to a customer to buy, sell, exchange, swap, or
convert digital assets and the prevailing market value of such
digital assets at the time of such transaction, shall not exceed the
greater of:
1. Five Dollars ($5.00); or
2. Three percent (3%) of the U nited States dollar equivalent of
the digital assets involved in the transaction or transactions.
I. All digital asset kiosk operators performing business in
this state shall provide live customer service at a minimum Monday
through Friday from 8:00 am EST to 10:00 pm EST. The customer
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service toll-free number shall be displayed on the digital asset
kiosk or the digital asset kiosk screens.
J. If a digital asset kiosk operator is the subject of two or
more consumer complaints relating to fraudulent inducement of
transfers that are not reimbursed to the consumer by the digital
asset kiosk operator, the Banking Department shall revoke the money
transmitter license of the digital asset kiosk operator. The
digital asset kiosk operator shall be thereafter banned from doing
business in this state.
K. The Banking Department shall promulgate the rules necessary
to implement the provisions of this act.
SECTION 3. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON TECHNOLOGY AND TELECOMMUNICATIONS
February 27, 2025 - DO PASS AS AMENDED