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ENGROSSED SENATE
BILL NO. 1083 By: Weaver of the Senate
and
Lepak of the House
[ 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 publicly distributed ledgers including, but not
limited to, associated transaction information;
2. “Blockchain technology ” means the same as defined in Section
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;
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4. “Digital assets” means the same as defined in Section 1359
of Title 68 of the Oklahoma Statutes;
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 mea ns to 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, ba nk 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
owns, operates, or manages a digital asset 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 as sets 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 seventy -two (72) hours 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 acts as a record of and provides 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 as 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.
1. Any digital asset kiosk operator acting in violation of this
subsection shall, upon conviction, be guilty of a misdemeanor,
punishable by a fine not less than Six Hundred Dollars ($600.00) nor
more than Two Thousand Dollars ($2,000.00) per viola tion, or by
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imprisonment in the county jail for not less than thirty (30) days
nor more than one (1) year, or by both such fine and imprisonment.
2. Any digital asset kiosk which is used by a digital asset
kiosk operator in violation of this s ubsection may be seized at the
direction of the Attorney General by any commissioned peace officer
in this state. The procedures set forth in Section 1738 of Title 21
of the Oklahoma Statutes shall apply to any digital asset kiosk
seized under this subsection.
3. The Attorney General is authorized to promulgate rules to
effectuate the provisions of this subsection.
4. Any customer who has been fraudulently induced to engage in
digital asset transactions using a digital asset kiosk operated in
violation of this subsection may file a civil suit against the
digital asset kiosk operator for the amount of any losses sustained
by the customer related to such digital asset transactions.
B. A digital asset kiosk operator shall not locate or relocate,
or allow a third party to locate or relocate, a digital asset kiosk
in this state unless the digital asset kiosk operator has provided
notice of intent to locate or relocate a digital asset kiosk to the
Banking Department no less than ten (10) days prior to its
activation. The notice to the Banking Department shall contain the
same information for the digital asset kiosk to be located or
relocated as is required in the quarterly location report pursuant to
subsection C of this section.
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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; and
5. The end date of operation of the digital asset kiosk at each
location, if applicable .
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,
stating: “WARNING: LOSSES DUE TO FRAUDULENT OR
ACCIDENTAL TRANSACTIONS ARE NOT RECOVERABLE AND
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TRANSACTIONS IN DIGITAL ASSETS ARE IRREVERSIBLE.
DIGITAL ASSET TRANSACTIONS MAY BE USED TO STEAL YOUR
MONEY BY CRIMINALS IMPERSONATING 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) that digital assets are not legal tender, backed
or insured by the government, and accounts and
value balances are not subject to Federal Deposit
Insurance Corporation, National Credit Union
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Administration, or Securities Investor Protection
Corporation protections,
(5) that some digital asset tra nsactions 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) that a digital asset’s value may be derived from
market participants’ continued willingness to
exchange currency for digi tal 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) that 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) that the volatility and unpredictability of the
price of digital assets relative to currency may
result in a significant loss over a short period,
(9) that the nature of digital assets means that any
technological difficult ies experienced by digital
asset kiosk operators may prevent access to or
use of a person’s digital assets, and
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(10) that any bond maintained by the digital asset
kiosk operator for the benefit of a person may
not cover all losses a person incu rs,
c. the amount of the transaction denominated in United
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 mor e than
Two Thousand Dollars ($2,000.00) for new customers,
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 go vernment 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 time of the transaction,
transaction hash, and each applicable digital asset address;
3. All fees charged;
4. The exchange rate of the digital asset to United States
dollars;
5. A statement of th e digital asset kiosk operator’s liability
for non-delivery or delayed delivery; and
6. A statement of the digital asset kiosk operator ’s refund
policy.
F. All digital asset kiosk operators shall use blockchain
technology to assist in the prevention of sending purch ased digital
assets from a digital asset kiosk operator to a digital asset wallet
known to be affiliated with fraudulent activity at the time of a
transaction. The Banking Department may request evidence from any
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digital asset kiosk operator o f the current use of blockchain
analytics.
1. All digital asset kiosk operators shall take reasonable
steps to detect and prevent fraud, including establishing and
maintaining a written anti -fraud policy including, but not limited
to:
a. the identification and assess ment 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, con trols, and monitoring
mechanisms.
2. Each digital asset kiosk operator shall designate and employ
a compliance officer with the following requirements:
a. the individual shall be qualified to coordinate and
monitor compliance with this act and all other
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
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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 operato r shall issue a refund to a new
customer for the full amount of all fraudulent transactions,
including all transaction fees and charges that were charged to the
customer pursuant to subsection H of this section, made while a 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
the Office of the Attorney General to report the fraudulent nature
of the transactions within fourteen (14) days of the last fraudulent
transaction to occur while the customer was a new customer.
4. A digital asset kiosk operator shall issue a refund to an
existing customer who qualifies under this paragraph for the full
amount of all transaction fees and charges that were charged to the
customer pursuant to subsection H of this section upon the request
of the customer. To receive a refund under this paragraph, a
customer shall have been fraudulently induced to engage in digital
asset transactions and shall contact the digital asset kiosk
operator and the Office of the Attorney General to report the
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fraudulent nature of the transaction within fourteen (14) days of
the transaction.
G. A digital asset kiosk operator shall no t accept transactions
more than Two Thousand Dollars ($2,000.00), or the equivalent in
digital assets, in a single day in connection with digital asset
kiosk transactions with a new 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
fifteen percent (15%) of the United 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 CST to 10:00 pm CST. The customer
service toll-free number shall be displayed on the digital asset
kiosk or the digital asset kiosk screens.
J. The Banking Department is authorized to promulgate rules
necessary to implement the provisions of this act.
SECTION 3. This act shall become effective N ovember 1, 2025.
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Passed the Senate the 27th day of March, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2025.
Presiding Officer of the House
of Representatives