Section 1. Section 7-25-501 is enacted to read:7-25-501. Definitions.As used in this part:(1)"Blockchain analytics" means the analysis of data from blockchains or publicly distributed ledgers, including associated transaction information to provide risk-specific information about virtual currency transactions and virtual currency addresses.(2)"Fiat currency" means United States currency or coin that is designated as legal tender by the United States government.(3)"Transaction hash" means a unique identifier made up of a string of characters that act as a record and provide proof the transaction was verified and added to the blockchain.(4)"Virtual currency" means a digital representation of value that is used as a medium of exchange, unit of account, or store of value and is not money, whether or not denominated in money.(5)"Virtual currency address" means an alphanumeric identifier associated with a virtual currency wallet identifying the location to which a virtual currency transaction may be sent.(6)"Virtual currency kiosk" means an electronic terminal acting as a mechanical agent of the virtual currency kiosk operator to enable the virtual currency kiosk operator to facilitate the exchange of virtual currency for money, bank credit, or other virtual currency.(7)"Virtual currency kiosk operator" means a person that operates a virtual currency kiosk in this state.(8)"Virtual currency kiosk transaction" means a transaction conducted or performed, in whole or in part, by electronic means via a virtual currency kiosk to purchase virtual currency with fiat currency or to sell virtual currency for fiat currency.(9)"Virtual currency wallet" means a software application or other mechanism providing a means to hold, store, or transfer virtual currency.

Section 2. Section 7-25-502 is enacted to read:7-25-502. Virtual currency kiosk operators -- Licensing requirement.(1)Notwithstanding Subsection 7-25-102(9)(b), an individual or entity that operates a virtual currency kiosk in this state shall:(a)obtain a license under this chapter;(b)register each virtual currency kiosk with the department;(c)pay the license fee required by Section 7-1-401; and(d)comply with the requirements of this part.(2)For purposes of this chapter, the operation of a virtual currency kiosk constitutes money transmission, regardless of whether the transactions involve blockchain tokens.

Section 3. Section 7-25-503 is enacted to read:7-25-503. Transaction limits -- Fee restrictions.(1)A virtual currency kiosk operator may not accept virtual currency kiosk transactions from a single customer that exceed a cumulative total of $1,000 or the equivalent in virtual currency per calendar day in this state via one or more virtual currency kiosks operated by the same virtual currency kiosk operator.(2)A virtual currency kiosk operator may not accept virtual currency kiosk transactions that exceed a cumulative total of $2,000 or the equivalent in virtual currency from a customer who has completed fewer than five virtual currency kiosk transactions with the virtual currency kiosk operator.(3)A virtual currency kiosk operator may not charge a fee that exceeds 3% of the transaction amount for any virtual currency kiosk transaction.

Section 4. Section 7-25-504 is enacted to read:7-25-504. Disclosures.(1)A virtual currency 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 virtual currency kiosk operator and virtual currency.(2)The virtual currency kiosk operator shall receive acknowledgment of receipt of all disclosures required under this section via confirmation of consent.(3)Each virtual currency kiosk shall include a fraud prevention warning written prominently and in bold type.(4)The fraud prevention warning described in Subsection (3) shall state in substantially the following form: "WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM A STRANGER WHO IS INITIATING A DISHONEST SCHEME THAT FREQUENTLY TARGETS VULNERABLE POPULATIONS, INCLUDING THE ELDERLY. IF YOU BELIEVE YOU ARE BEING SCAMMED, CALL A LOCAL LAW ENFORCEMENT OFFICER BEFORE ANY TRANSACTION. FUNDS LOST DUE TO USER ERROR OR FRAUD MAY NOT BE RECOVERABLE. TRANSACTIONS CONDUCTED ON THIS VIRTUAL CURRENCY KIOSK ARE IRREVERSIBLE. PROTECT YOURSELF FROM FRAUD. NEVER SEND MONEY TO SOMEONE YOU DO NOT KNOW."(5)After the completion of each transaction, the virtual currency kiosk operator shall provide an individual with a choice of a physical or digital receipt in the language chosen by the customer.(6)The receipt described in Subsection (5) shall contain the virtual currency kiosk operator's name and contact information, including a telephone number to answer questions and register complaints, the relevant state and local law enforcement or government agency for reporting fraud, the type, value, date, and precise time of the transaction, transaction hash, and each applicable virtual currency address, all fees charged, the exchange rate of the virtual currency to United States dollars, and a statement of the virtual currency kiosk operator's refund policy.

Section 5. Section 7-25-505 is enacted to read:7-25-505. Customer service -- Enforcement.(1)A virtual currency kiosk operator performing business in this state shall provide a method for live customer service at a minimum Monday through Friday between 8 a.m. and 10 p.m. Mountain Time.(2)The virtual currency kiosk operator shall display the customer service contact information described in Subsection (1) on the virtual currency kiosk or the virtual currency kiosk screens.(3)The attorney general may enforce this part.(4)A violation of this part constitutes a deceptive trade practice under Title 13, Chapter 11, Utah Consumer Sales Practices Act.(5)The commissioner may impose administrative penalties in accordance with Section 7-25-405 for violations of this part.

Section 6. Effective Date.This bill takes effect on May 6, 2026.