All Roll Calls
Yes: 292 • No: 29
Sponsored By: Michelle Lopes Maldonado (Democratic)
Became Law
Financial institutions and services; virtual currency kiosk operators; license required; penalties. Establishes requirements for the operation of virtual currency kiosks, as defined in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain disclosures, and take reasonable steps to detect and prevent fraud and money laundering. The bill prohibits operators from accepting transactions above specified daily and monthly limits and establishes a maximum transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia Consumer Protection Act. This bill is identical to SB 489.
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7 provisions identified: 1 benefits, 2 costs, 4 mixed.
You must keep required books and records and respond to requests, with a default 30‑day deadline. File an annual report by March 31 and quarterly reports within 45 days, including revenue, complaints, transaction and refund data, locations, addresses, and suspicious activity reports; the Commission releases only aggregated data. Report major events within 15 days, such as bankruptcy, regulatory actions, felony indictments or convictions, or a consumer‑protection lawsuit. The Commission examines licensees at least once every three years and as needed; host‑site agreements must allow full access. Pay an annual fee set by the Commission (assessed by August 1, due by September 1) and reimburse out‑of‑state exam travel costs within 30 days of the bill.
Beginning July 1, 2027, kiosk fees are capped at 18% of the transaction value. New users face a $2,000 daily limit. No user may exceed $5,000 per day or $10,000 per month. Operators must hold every new user’s transaction for at least 48 hours. You may cancel and get a full refund during the hold.
Beginning July 1, 2027, kiosks must clearly show terms, fees, and exchange rates, and collect your acknowledgement. Operators must post a fraud warning and a toll‑free number, and list contacts for the owner and law enforcement. Before any transaction, the operator must verify your government ID and record your name, birth date, phone, address, and email. If fraud hits your transaction, fees are refunded if you notify within 90 days and provide a police or agency report or sworn statement within 120 days. Live customer service must be available from 8 a.m. to 10 p.m. daily, and staff must get yearly fraud‑prevention training.
Starting July 1, 2027, you must be licensed by the State Corporation Commission to place or operate a virtual currency kiosk in Virginia. Unlicensed transactions are void and you cannot keep any charge. Applications are under oath with identity and background details, include a nonrefundable fee, and require a bond kept between $1,000 and $25,000. Licenses are based on financial responsibility, character, experience, and fitness; they are not transferable, and you must give 10‑day notices for kiosk openings, moves, removals, deactivations, and senior‑officer changes. Control changes of 25% or more require a filing and fee, and the Commission aims to decide within 60 days; some inheritances are exempt but need 30‑day notice. On or before March 1, 2027, the Commission begins taking applications and may investigate before July 1, 2027; it also sets detailed rules after public notice and input.
The Commission may fine up to $1,000 per separate violation. It may suspend or revoke a license for listed grounds like law violations, fraud‑related crimes, blocking exams, unpaid fees, or not following orders. Before suspension or revocation, you get 21 days’ written notice and can request a hearing within 14 days. For cease‑and‑desist orders, the Commission gives 21 days’ notice with a right to a hearing; in urgent cases it can act first, then hold an expedited hearing. These enforcement rules apply beginning July 1, 2027.
Breaking this kiosk law counts as a banned practice under the Virginia Consumer Protection Act. The Attorney General can go to court for an order to stop violations, and seek damages, restitution, and attorney fees; people getting restitution must be identified within 180 days after a permanent injunction. Ads cannot be false or misleading, must use the licensed name, and cannot call a virtual currency kiosk an “ATM” or “automated teller machine.” These rules apply beginning July 1, 2027.
Beginning July 1, 2027, operators must maintain a written anti‑fraud and anti‑money‑laundering policy and follow the Bank Secrecy Act. They must use blockchain analytics to stop transfers to wallets tied to fraud and to block wallets at overseas exchanges closed to U.S. users. Operators must keep a dedicated contact line for government agencies and, if subpoenaed, share trace findings and assist with blockchain analysis.
Michelle Lopes Maldonado
Democratic • House
There are no cosponsors for this bill.
All Roll Calls
Yes: 292 • No: 29
House vote • 3/4/2026
Senate substitute agreed to by House
Yes: 84 • No: 10
Senate vote • 3/4/2026
Commerce and Labor Substitute agreed to
Yes: 0 • No: 0
Senate vote • 3/4/2026
Passed Senate with substitute
Yes: 40 • No: 0
Senate vote • 3/3/2026
Reported from Finance and Appropriations
Yes: 15 • No: 0
Senate vote • 3/3/2026
Constitutional reading dispensed Block Vote (on 2nd reading)
Yes: 40 • No: 0
Senate vote • 3/3/2026
Passed by for the day Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 2/23/2026
Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations
Yes: 13 • No: 0 • Other: 1
House vote • 2/6/2026
Read third time and passed House
Yes: 84 • No: 13
House vote • 2/2/2026
Reported from Communications, Technology and Innovation with substitute
Yes: 16 • No: 6
Acts of Assembly Chapter text (CHAP0654)
Approved by Governor-Chapter 654 (effective 7/1/2026)
Fiscal Impact Statement from State Corporation Commission (HB665)
Governor's Action Deadline 11:59 p.m., April 13, 2026
Enrolled Bill communicated to Governor on March 14, 2026
Signed by Speaker
Bill text as passed House and Senate (HB665ER)
Enrolled
Signed by President
Senate substitute agreed to by House (84-Y 10-N 0-A)
Passed Senate with substitute (40-Y 0-N 0-A)
Commerce and Labor Substitute agreed to
Engrossed by Senate - committee substitute
Read third time
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
Rules suspended
Reported from Finance and Appropriations (15-Y 0-N)
Fiscal Impact Statement from State Corporation Commission (HB665)
Committee substitute printed 26108481D-S1
Senate committee offered
Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations (13-Y 0-N 1-A)
Referred to Committee on Commerce and Labor
Constitutional reading dispensed (on 1st reading)
Read third time and passed House (84-Y 13-N 0-A)
Chaptered
4/13/2026
Enrolled
3/11/2026
Substitute
2/24/2026
Amendment
2/23/2026
Substitute
2/2/2026
Introduced
1/13/2026
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