Rhode IslandH51212025 Regular SessionHouseWALLET

AN ACT RELATING TO FINANCIAL INSTITUTIONS -- CURRENCY TRANSMISSIONS .

Sponsored By: Julie A. Casimiro (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

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

Fraud victims get kiosk refund rights

Rhode Island kiosk customers tricked into transactions get refund rights that depend on their history with the operator. New customers—people who have never used that operator—get full refunds for transactions during their first 30 days. They must report the fraud to both the operator and a government or law-enforcement agency within 90 days after that period’s last transaction. Existing customers get all transaction fees refunded upon request, rather than the full transaction amount. They must report to both the operator and a government or law-enforcement agency within 90 days after the fraudulent transaction.

Kiosk customers get capped transaction fees

Rhode Island kiosk fees and charges cannot exceed the greater of $5 or 3% of the virtual currency’s dollar value. The cap applies to one transaction or a series of related transactions. It includes any difference between the price charged to the customer and the prevailing market value.

Kiosk users get warnings and support

Rhode Island kiosk operators must give clear disclosures in your chosen language and get your consent acknowledging receipt. Disclosures cover irreversible transactions, impersonation scams, generally unrecoverable losses, unauthorized-transaction liability, public-ledger risks, price swings, potentially inadequate custodial bonds, and virtual currency’s lack of legal-tender status or federal insurance. They also cover dollar and virtual-currency amounts, fees, exchange rates, the $1,000 daily limit, operator contacts, policy changes, and account-information sharing without a court or government order. After each transaction, operators must provide a paper receipt in your chosen language showing operator contacts, transaction type, value, date and time, tracking hash, wallet addresses, sender and recipient contacts, fees, exchange rate, liability and refund terms, and confirmation of disclosures. Operators must display a toll-free number and offer live help at least Monday–Friday, 8:00 a.m.–10:00 p.m. EST.

Kiosk customers face $1,000 daily limit

Operators cannot accept more than $1,000 per customer per day for Rhode Island virtual currency kiosk transactions. The limit covers cash or its equivalent in virtual currency. Transactions across one or more Rhode Island kiosks count toward the limit, so using multiple kiosks does not raise it.

Kiosk operators face stricter oversight rules

Effective upon passage, the law requires Rhode Island virtual currency businesses to hold money-transmitter licenses, with registration, interstate licensing reciprocity, and state enforcement under that system. Operators must register kiosks, get Department of Business Regulation approval before activation, and cannot bypass these rules through third-party placements. Within 45 days after each quarter ends, operators must report all Rhode Island locations, legal and trade names, addresses, operating start and end dates, and associated virtual currency addresses. Operators must take reasonable fraud-prevention steps, use blockchain analytics to help block transfers to wallets known to be linked to fraud, and maintain written policies covering risks, controls, monitoring duties, and periodic review; the department can request proof of software use. Each operator must employ a qualified full-time compliance officer who owns no more than 20% of the business, with required compliance duties performed by full-time employees.

Sponsors & Cosponsors

Sponsor

Julie A. Casimiro
Democratic • House

Cosponsors

Karen Alzate
Democratic • House
David A. Bennett
Democratic • House
Lauren H. Carson
Democratic • House
Katherine S. Kazarian
Democratic • House
Thomas E. Noret
Democratic • House
William W. O'Brien
Democratic • House
Earl A. Read, III
Democratic • House
Patricia A. Serpa
Democratic • House
Brandon T. Voas
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 67 • No: 0

House vote • 4/10/2025

CURRENCY TRANSMISSIONS PASSAGE