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CHARLESTON – Bills addressing the concerns of the West Virginia chapter of AARP over the growing trend of cryptocurrency kiosks are on the move in both the House of Delegates and state Senate.
The House Finance Committee recommended a committee substitute for House Bill 5353 Thursday morning, sending it to the full House for consideration. The bill’s lead sponsor is House Finance Committee Chairman Vernon Criss, R-Wood.
HB 5353 would create a regulatory framework for virtual currency kiosks – also called cryptocurrency kiosks – and digital wallets. Operators would be classified as money transmitters, requiring them to obtain annual licenses and adhere to strict disclosure and refund protocols.
The committee substitute limits the total fees and commissions a kiosk operator can charge per transaction, with a 15% flat fee limit. The bill limits the daily transaction limits for existing customers and new customers, defined as individuals registered with the kiosk operators for 10 days or less. Existing customers would be limited to a $10,000 daily limit.
According to AARP-WV, cryptocurrency kiosks are unregulated in many states, including West Virginia. But 24 states have taken some action, with 17 of them passing comprehensive legislation to protect consumers.
(A full report will be included in our Friday edition and online)
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