MarylandSB 03052025 Regular SessionSenateWALLET

Financial Institutions and Activities - Virtual Currency Kiosks - Registration and Regulation

Sponsored By: Pamela Beidle (Democratic)

Signed by Governor

Financial InstitutionsCommercial Law - Consumer ProtectionCivil OffensesCreditCryptocurrencyDigital Products -see also- Digital ImagesDisclosureElectronic Commerce -see also- Electronic Funds TransferElectronic Funds TransferElectronic GovernmentEquipment -see also- Charging; Med. Equip.; MV Equip; etc.Fees -see also- Attys' Fees; Devt Fees & TaxesFinancial Institutions -see also- Banks; Credit Unions; etc.Financial Regulation, Division ofFines -see also- Penalties and SentencesFormsFraud -see also- ForgeryGoods and Services -see also- Retail Sales; TermnSvc; TrfGdsIdentification -see also- Biometrics; Fingerprinting; DrLicsInvestigations and Inquiries -see also- Crim Bckgrnd InvestPenalties and Sentences -see also- Death PenaltyRegistration -see also- Motor Vehicle RegistrationRules and RegulationsSafety -see also- Occupational SafetySigns and BillboardsTelephonesTimeTransfer of Goods -see also- Goods&Svc; Leas&Rnt; RetailSale

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

5 provisions identified: 3 benefits, 2 costs, 0 mixed.

Daily limits and identity checks for customers

Beginning July 1, 2025, Maryland kiosk operators face daily limits on cash, prepaid-access value, or equivalent credit accepted or dispensed. Across an operator’s kiosks, the daily limit per person is $2,000 for new users and $10,500 for experienced users. New users include first-time customers and those within 72 hours after their first transaction with that operator. Everyone else is an experienced user. Before accepting cash or credit, operators must collect your name, birth date, mailing address, email, phone, and government-issued ID copy.

Clearer warnings and support for kiosk customers

Beginning July 1, 2025, Maryland kiosks must show clear disclosures before every transaction. These cover risks, scams, fees, operator contacts, exchange rates, lack of government backing, and limits on recovering fraud losses. Customers must accept each disclosure; the Commissioner must set minimum screen times. Each transaction must end with a displayed or printed receipt showing currency type, value, exchange rate, date, time, and kiosk details. Receipts must include a toll-free support number and any additional information required by regulation. Operators must provide live, toll-free support Monday through Friday, 8 a.m. to 6 p.m.

Fee caps and refunds for kiosk customers

Beginning July 1, 2025, Maryland virtual currency kiosk fees cannot exceed the greater of $5 or 15% of each transaction. Operators must refund the fee when a transaction is verified as fraudulent under procedures set by the Commissioner of Financial Regulation. This refund requirement covers the fee, not the full transaction amount.

State oversight protects Maryland kiosk customers

Beginning July 1, 2025, Maryland’s Commissioner of Financial Regulation can investigate and enforce virtual currency kiosk rules. Operators face civil fines up to $1,000 for each knowing and willful violation; each day counts separately. These fines apply to operators, not customers. The Commissioner may also set lighting, location-safety, and kiosk-identification sign rules; the law itself sets no specific standards.

Registration and service limits for kiosk operators

Beginning January 1, 2026, owners and operators must register each Maryland virtual currency kiosk before operating it and renew annually. Applications must identify the operator and kiosk, including its manufacturer, model, and serial number or asset tag. Fixed locations used more than 30 days per calendar year require a physical address; shorter stays require the geographic area. The Commissioner may require more information and set registration and renewal fees; the law specifies no fee amounts. Beginning July 1, 2025, kiosks must provide only virtual currency services and cannot operate as ATMs.

Sponsors & Cosponsors

Sponsor

Pamela Beidle
Democratic • Senate

Cosponsors

Shelly Hettleman
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 171 • No: 14

House vote • 4/2/2025

Third Reading Passed

Yes: 124 • No: 14 • Other: 1

Senate vote • 3/12/2025