All Roll Calls
Yes: 251 • No: 13
Sponsored By: Saddam Azlan Salim (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 HB 665.
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7 provisions identified: 0 benefits, 4 costs, 3 mixed.
You must be licensed to run or place a virtual currency kiosk. Unlicensed transactions are void and no one may keep any related charge. Applicants file a sworn application, pay a nonrefundable fee, and must meet financial responsibility and fitness standards. A license cannot be transferred. You must notify the Commission within 10 days when you open, move, remove, or deactivate a kiosk, or change senior staff. Each licensee must keep a corporate surety bond between $1,000 and $25,000 in force.
The law caps kiosk charges at 18% of a single transaction. New users are limited to $2,000 per day. No user may exceed $5,000 per day or $10,000 per month. New‑user transactions are held at least 48 hours; you can cancel during the hold for a full refund. If fraud hits your transaction, the operator must refund your fees if you report within 90 days and send a police or agency report or sworn statement within 120 days. Kiosks must show clear prices, exchange rates, and risk warnings, and post a toll‑free number with live help from 8 a.m. to 10 p.m.
Operators must check your government ID and collect your name, birth date, phone, address, and email before taking payment. They must run blockchain analytics and block wallets tied to overseas exchanges not open to U.S. users. Each operator must keep a written anti‑fraud and anti‑money‑laundering program and follow Bank Secrecy Act rules. Staff get yearly training materials on scam red flags, and staff may warn users. Operators must keep a dedicated phone or email for government agencies and share trace findings when subpoenaed.
Ads must not be false or misleading and must use the exact licensed name. You may not call a virtual currency kiosk an “automated teller machine” or “ATM” in ads or at the kiosk.
Licensees pay an annual fee set by the Commission, assessed by August 1 and due by September 1. If examined out of state, you pay travel and lodging within 30 days of the bill. You must keep required books and records and respond to Bureau requests by the deadline or within 30 days if none is set. File an annual report by March 31 and a report for each kiosk within 45 days after each quarter, with the required data. Report events like bankruptcy, regulatory actions, felony charges or convictions, or consumer‑protection cases within 15 days. The Commission may examine your business and premises at least once every three years, and third‑party hosts must allow access. The Commission keeps reported data confidential and publishes an annual aggregated summary.
If you plan to acquire 25% or more of a licensee, you must apply to the Commission, provide financial and background information, and pay a fee. The Commission approves only if you meet fitness standards and decides within 60 days of a complete filing unless it extends.
The Commission can suspend or revoke a license for violations, fraud‑related convictions, refusing an investigation, or not paying required fees. It must give 21 days’ written notice and allow a hearing requested within 14 days, but can issue immediate cease‑and‑desist orders when needed with an expedited hearing. Civil penalties can reach up to $1,000 per separate violation. Any violation of this chapter is a prohibited practice under the Virginia Consumer Protection Act. The Attorney General can seek injunctions, damages, restitution, and attorney fees, and courts must identify who gets relief within 180 days after a permanent injunction.
Saddam Azlan Salim
Democratic • Senate
There are no cosponsors for this bill.
All Roll Calls
Yes: 251 • No: 13
Senate vote • 3/2/2026
House Amendments agreed to by Senate (40-Y 0-A 0-A)
Yes: 40 • No: 0
House vote • 2/26/2026
Passed House with amendments
Yes: 86 • No: 10
House vote • 2/23/2026
Reported from Communications, Technology and Innovation with amendment(s)
Yes: 19 • No: 3
Senate vote • 2/9/2026
Read third time and passed Senate
Yes: 40 • No: 0
Senate vote • 2/6/2026
Commerce and Labor Substitute agreed to
Yes: 0 • No: 0
Senate vote • 2/5/2026
Passed by for the day Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 2/5/2026
Constitutional reading dispensed Block Vote (on 1st reading)
Yes: 40 • No: 0
Senate vote • 2/4/2026
Reported from Finance and Appropriations
Yes: 15 • No: 0
Senate vote • 1/26/2026
Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations
Yes: 11 • No: 0 • Other: 4
Acts of Assembly Chapter text (CHAP0655)
Approved by Governor-Chapter 655 (effective 7/1/2026)
Fiscal Impact Statement from State Corporation Commission (SB489)
Governor's Action Deadline 11:59 p.m., April 13, 2026
Enrolled Bill communicated to Governor on March 10, 2026
Bill text as passed Senate and House (SB489ER)
Enrolled
Signed by President
Signed by Speaker
House Amendments agreed to by Senate (40-Y 0-A 0-A)
Passed House with amendments (86-Y 10-N 0-A)
Engrossed by House as amended
committee amendments agreed to
Read third time
Read second time
House committee offered
House committee offered
Reported from Communications, Technology and Innovation with amendment(s) (19-Y 3-N)
Referred to Committee on Communications, Technology and Innovation
Read first time
Placed on Calendar
Read third time and passed Senate (40-Y 0-N 0-A)
Commerce and Labor Substitute agreed to
Engrossed by Senate - committee substitute (Voice Vote)
Read second time
Chaptered
4/13/2026
Enrolled
3/5/2026
Amendment
2/26/2026
Amendment
2/23/2026
Substitute
2/5/2026
Substitute
1/27/2026
Introduced
1/13/2026
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