(a) (1) The owner of a virtual currency kiosk or a virtual currency kiosk operator, in establishing a relationship with a customer and before entering into an initial virtual currency transaction on behalf of or with the customer, shall disclose in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, all material risks associated with virtual currency generally.(2) The material risks associated with virtual currency required to be disclosed under subdivision (a)(1) include without limitation:(A) a disclosure that is acknowledged by the customer and provided separately from the disclosures provided under subdivision (a)(2)(B) and subdivision (a)(2)(G), and written prominently and in bold type, stating the following:“WARNING: LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE IRREVERSIBLE.”;(B) virtual currency is not backed or insured by the government and accounts and value balances are not subject to protections of the Federal Deposit Insurance Corporation, National Credit Union Administration, or Securities Investor Protection Corporation;(C) a virtual currency transaction may be deemed to be made when recorded on a public ledger which may not be the date or time when the customer initiates the virtual currency transaction;(D) the value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency which may result in the permanent and total loss of the value of a particular virtual currency if the market for that virtual currency disappears;(E) the volatility and unpredictability of the price of virtual currency relative to fiat currency may result in a significant loss over a short period of time;(F) a bond maintained by the owner of a virtual currency kiosk or a virtual currency kiosk operator for the benefit of the customers of the owner of a virtual currency kiosk or a virtual currency kiosk operator may not be sufficient to cover all losses incurred by customers; and(G) (i) virtual currency transactions are irreversible and may be used by a person seeking to defraud customers.(ii) As used in subdivision (a)(2)(G)(i), “seeking to defraud customers” includes without limitation a person:(a) impersonating a customer's family or friends;(b) threatening jail time;(c) stating that a customer's identity has been stolen;(d) insisting that a customer withdraw money from the customer's bank account and purchase virtual currency; or(e) alleging that a customer's personal computer has been hacked.
(1) The owner of a virtual currency kiosk or a virtual currency kiosk operator, in establishing a relationship with a customer and before entering into an initial virtual currency transaction on behalf of or with the customer, shall disclose in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, all material risks associated with virtual currency generally.
(2) The material risks associated with virtual currency required to be disclosed under subdivision (a)(1) include without limitation:(A) a disclosure that is acknowledged by the customer and provided separately from the disclosures provided under subdivision (a)(2)(B) and subdivision (a)(2)(G), and written prominently and in bold type, stating the following:“WARNING: LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE IRREVERSIBLE.”;(B) virtual currency is not backed or insured by the government and accounts and value balances are not subject to protections of the Federal Deposit Insurance Corporation, National Credit Union Administration, or Securities Investor Protection Corporation;(C) a virtual currency transaction may be deemed to be made when recorded on a public ledger which may not be the date or time when the customer initiates the virtual currency transaction;(D) the value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency which may result in the permanent and total loss of the value of a particular virtual currency if the market for that virtual currency disappears;(E) the volatility and unpredictability of the price of virtual currency relative to fiat currency may result in a significant loss over a short period of time;(F) a bond maintained by the owner of a virtual currency kiosk or a virtual currency kiosk operator for the benefit of the customers of the owner of a virtual currency kiosk or a virtual currency kiosk operator may not be sufficient to cover all losses incurred by customers; and(G) (i) virtual currency transactions are irreversible and may be used by a person seeking to defraud customers.(ii) As used in subdivision (a)(2)(G)(i), “seeking to defraud customers” includes without limitation a person:(a) impersonating a customer's family or friends;(b) threatening jail time;(c) stating that a customer's identity has been stolen;(d) insisting that a customer withdraw money from the customer's bank account and purchase virtual currency; or(e) alleging that a customer's personal computer has been hacked.
(A) a disclosure that is acknowledged by the customer and provided separately from the disclosures provided under subdivision (a)(2)(B) and subdivision (a)(2)(G), and written prominently and in bold type, stating the following:
“WARNING: LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE IRREVERSIBLE.”;
(B) virtual currency is not backed or insured by the government and accounts and value balances are not subject to protections of the Federal Deposit Insurance Corporation, National Credit Union Administration, or Securities Investor Protection Corporation;
(C) a virtual currency transaction may be deemed to be made when recorded on a public ledger which may not be the date or time when the customer initiates the virtual currency transaction;
(D) the value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency which may result in the permanent and total loss of the value of a particular virtual currency if the market for that virtual currency disappears;
(E) the volatility and unpredictability of the price of virtual currency relative to fiat currency may result in a significant loss over a short period of time;
(F) a bond maintained by the owner of a virtual currency kiosk or a virtual currency kiosk operator for the benefit of the customers of the owner of a virtual currency kiosk or a virtual currency kiosk operator may not be sufficient to cover all losses incurred by customers; and
(G) (i) virtual currency transactions are irreversible and may be used by a person seeking to defraud customers.(ii) As used in subdivision (a)(2)(G)(i), “seeking to defraud customers” includes without limitation a person:(a) impersonating a customer's family or friends;(b) threatening jail time;(c) stating that a customer's identity has been stolen;(d) insisting that a customer withdraw money from the customer's bank account and purchase virtual currency; or(e) alleging that a customer's personal computer has been hacked.
(i) virtual currency transactions are irreversible and may be used by a person seeking to defraud customers.
(ii) As used in subdivision (a)(2)(G)(i), “seeking to defraud customers” includes without limitation a person:(a) impersonating a customer's family or friends;(b) threatening jail time;(c) stating that a customer's identity has been stolen;(d) insisting that a customer withdraw money from the customer's bank account and purchase virtual currency; or(e) alleging that a customer's personal computer has been hacked.
(a) impersonating a customer's family or friends;
(b) threatening jail time;
(c) stating that a customer's identity has been stolen;
(d) insisting that a customer withdraw money from the customer's bank account and purchase virtual currency; or
(e) alleging that a customer's personal computer has been hacked.
(b) (1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, when opening an account for a new customer and before entering into an initial virtual currency transaction for, on behalf of, or with the customer, shall disclose in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, using not less than 24-point sans-serif-type font, all relevant terms and conditions associated with the products, services, and activities of the owner of a virtual currency kiosk or a virtual currency kiosk operator and virtual currency generally.(2) The disclosure required under subdivision (b)(1) shall include without limitation:(A) the customer's liability for unauthorized virtual currency transactions;(B) the customer's right to stop payment of a preauthorized virtual currency transfer and the procedure used to initiate a stop-payment order;(C) the circumstances under which the owner of a virtual currency kiosk or a virtual currency kiosk operator, absent a court or government order, will disclose information concerning the customer's account to third parties;(D) the requirement that the owner of a virtual currency kiosk or a virtual currency kiosk operator communicate to the customer what customer information may be disclosed to third parties;(E) the customer's right to receive a receipt for a virtual currency transaction at the time of the transaction;(F) upon a change in the rules or policies of the owner or operator, the customer's right to consent to the changed rules or policies before performing a transaction after the change; and(G) any other disclosures that are customarily provided in connection with opening a person's account.
(1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, when opening an account for a new customer and before entering into an initial virtual currency transaction for, on behalf of, or with the customer, shall disclose in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, using not less than 24-point sans-serif-type font, all relevant terms and conditions associated with the products, services, and activities of the owner of a virtual currency kiosk or a virtual currency kiosk operator and virtual currency generally.
(2) The disclosure required under subdivision (b)(1) shall include without limitation:(A) the customer's liability for unauthorized virtual currency transactions;(B) the customer's right to stop payment of a preauthorized virtual currency transfer and the procedure used to initiate a stop-payment order;(C) the circumstances under which the owner of a virtual currency kiosk or a virtual currency kiosk operator, absent a court or government order, will disclose information concerning the customer's account to third parties;(D) the requirement that the owner of a virtual currency kiosk or a virtual currency kiosk operator communicate to the customer what customer information may be disclosed to third parties;(E) the customer's right to receive a receipt for a virtual currency transaction at the time of the transaction;(F) upon a change in the rules or policies of the owner or operator, the customer's right to consent to the changed rules or policies before performing a transaction after the change; and(G) any other disclosures that are customarily provided in connection with opening a person's account.
(A) the customer's liability for unauthorized virtual currency transactions;
(B) the customer's right to stop payment of a preauthorized virtual currency transfer and the procedure used to initiate a stop-payment order;
(C) the circumstances under which the owner of a virtual currency kiosk or a virtual currency kiosk operator, absent a court or government order, will disclose information concerning the customer's account to third parties;
(D) the requirement that the owner of a virtual currency kiosk or a virtual currency kiosk operator communicate to the customer what customer information may be disclosed to third parties;
(E) the customer's right to receive a receipt for a virtual currency transaction at the time of the transaction;
(F) upon a change in the rules or policies of the owner or operator, the customer's right to consent to the changed rules or policies before performing a transaction after the change; and
(G) any other disclosures that are customarily provided in connection with opening a person's account.
(c) (1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, before each transaction in virtual currency for, on behalf of, or with a customer, shall disclose to the customer in an easily readable manner that is in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, using not less than 24-point sans-serif-type font, the terms and conditions of the virtual currency transaction.(2) The terms and conditions required under subdivision (c)(1) shall include without limitation:(A) the amount of the transaction;(B) any fees, expenses, and charges borne by the customer, including without limitation applicable exchange rates;(C) the type and nature of the virtual currency transaction;(D) a warning that, once executed, the virtual currency transaction may not be undone, if applicable;(E) a daily virtual currency transaction limit according to subsection (g);(F) the difference in the sale price of the virtual currency versus the current market price; and(G) any other disclosures that are customarily given in connection with a virtual currency transaction.
(1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, before each transaction in virtual currency for, on behalf of, or with a customer, shall disclose to the customer in an easily readable manner that is in clear, conspicuous, and legible writing in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, using not less than 24-point sans-serif-type font, the terms and conditions of the virtual currency transaction.
(2) The terms and conditions required under subdivision (c)(1) shall include without limitation:(A) the amount of the transaction;(B) any fees, expenses, and charges borne by the customer, including without limitation applicable exchange rates;(C) the type and nature of the virtual currency transaction;(D) a warning that, once executed, the virtual currency transaction may not be undone, if applicable;(E) a daily virtual currency transaction limit according to subsection (g);(F) the difference in the sale price of the virtual currency versus the current market price; and(G) any other disclosures that are customarily given in connection with a virtual currency transaction.
(A) the amount of the transaction;
(B) any fees, expenses, and charges borne by the customer, including without limitation applicable exchange rates;
(C) the type and nature of the virtual currency transaction;
(D) a warning that, once executed, the virtual currency transaction may not be undone, if applicable;
(E) a daily virtual currency transaction limit according to subsection (g);
(F) the difference in the sale price of the virtual currency versus the current market price; and
(G) any other disclosures that are customarily given in connection with a virtual currency transaction.
(d) An owner of a virtual currency kiosk or a virtual currency kiosk operator shall ensure that each customer acknowledges receipt of all disclosures required under this section.
(e) (1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, upon the completion of a virtual currency transaction, shall provide to the customer a receipt containing:(A) the name of, and contact information for, the owner of the virtual currency kiosk or the virtual currency kiosk operator, including without limitation the owner of the virtual currency kiosk's or the virtual currency kiosk operator's business address and a customer service telephone number established by the owner of a virtual currency kiosk or the virtual currency kiosk operator to answer questions and register complaints;(B) the name of the customer;(C) the type, value, date, and precise time of the virtual currency transaction, transaction hash or identification number, and each virtual currency address;(D) the amount of the virtual currency transaction expressed in United States currency;(E) the public virtual currency address of the customer;(F) the unique identifier of the virtual currency kiosk operator;(G) a fee charged, including without limitation a fee charged directly or indirectly by the owner of the virtual currency kiosk or the virtual currency kiosk operator, or a third party involved in the virtual currency transaction;(H) the exchange rate, if applicable;(I) any tax collected by the owner of the virtual currency kiosk or the virtual currency kiosk operator for the virtual currency transaction;(J) a statement of the liability of the owner of the virtual currency kiosk or the virtual currency kiosk operator for nondelivery or delayed delivery;(K) a statement of the refund policy of the owner of the virtual currency kiosk or the virtual currency kiosk operator;(L) the name and telephone number of the State Securities Department and a statement disclosing that the owner of the virtual currency kiosk's or the virtual currency kiosk operator's customers may contact the department with questions or complaints about the owner of the virtual currency kiosk's or the virtual currency kiosk operator's virtual currency kiosk services; and(M) any additional information the commissioner may require.(2) The receipt required under subdivision (e)(1):(A) shall be provided in:(i) a retainable form;(ii) English; and(iii) the language principally used by the owner of the virtual currency kiosk or the virtual currency kiosk operator to advertise, solicit, or negotiate, orally or in writing; and(B) may be provided electronically if the customer requests or agrees to receive an electronic receipt.
(1) An owner of a virtual currency kiosk or a virtual currency kiosk operator, upon the completion of a virtual currency transaction, shall provide to the customer a receipt containing:(A) the name of, and contact information for, the owner of the virtual currency kiosk or the virtual currency kiosk operator, including without limitation the owner of the virtual currency kiosk's or the virtual currency kiosk operator's business address and a customer service telephone number established by the owner of a virtual currency kiosk or the virtual currency kiosk operator to answer questions and register complaints;(B) the name of the customer;(C) the type, value, date, and precise time of the virtual currency transaction, transaction hash or identification number, and each virtual currency address;(D) the amount of the virtual currency transaction expressed in United States currency;(E) the public virtual currency address of the customer;(F) the unique identifier of the virtual currency kiosk operator;(G) a fee charged, including without limitation a fee charged directly or indirectly by the owner of the virtual currency kiosk or the virtual currency kiosk operator, or a third party involved in the virtual currency transaction;(H) the exchange rate, if applicable;(I) any tax collected by the owner of the virtual currency kiosk or the virtual currency kiosk operator for the virtual currency transaction;(J) a statement of the liability of the owner of the virtual currency kiosk or the virtual currency kiosk operator for nondelivery or delayed delivery;(K) a statement of the refund policy of the owner of the virtual currency kiosk or the virtual currency kiosk operator;(L) the name and telephone number of the State Securities Department and a statement disclosing that the owner of the virtual currency kiosk's or the virtual currency kiosk operator's customers may contact the department with questions or complaints about the owner of the virtual currency kiosk's or the virtual currency kiosk operator's virtual currency kiosk services; and(M) any additional information the commissioner may require.
(A) the name of, and contact information for, the owner of the virtual currency kiosk or the virtual currency kiosk operator, including without limitation the owner of the virtual currency kiosk's or the virtual currency kiosk operator's business address and a customer service telephone number established by the owner of a virtual currency kiosk or the virtual currency kiosk operator to answer questions and register complaints;
(B) the name of the customer;
(C) the type, value, date, and precise time of the virtual currency transaction, transaction hash or identification number, and each virtual currency address;
(D) the amount of the virtual currency transaction expressed in United States currency;
(E) the public virtual currency address of the customer;
(F) the unique identifier of the virtual currency kiosk operator;
(G) a fee charged, including without limitation a fee charged directly or indirectly by the owner of the virtual currency kiosk or the virtual currency kiosk operator, or a third party involved in the virtual currency transaction;
(H) the exchange rate, if applicable;
(I) any tax collected by the owner of the virtual currency kiosk or the virtual currency kiosk operator for the virtual currency transaction;
(J) a statement of the liability of the owner of the virtual currency kiosk or the virtual currency kiosk operator for nondelivery or delayed delivery;
(K) a statement of the refund policy of the owner of the virtual currency kiosk or the virtual currency kiosk operator;
(L) the name and telephone number of the State Securities Department and a statement disclosing that the owner of the virtual currency kiosk's or the virtual currency kiosk operator's customers may contact the department with questions or complaints about the owner of the virtual currency kiosk's or the virtual currency kiosk operator's virtual currency kiosk services; and
(M) any additional information the commissioner may require.
(2) The receipt required under subdivision (e)(1):(A) shall be provided in:(i) a retainable form;(ii) English; and(iii) the language principally used by the owner of the virtual currency kiosk or the virtual currency kiosk operator to advertise, solicit, or negotiate, orally or in writing; and(B) may be provided electronically if the customer requests or agrees to receive an electronic receipt.
(A) shall be provided in:(i) a retainable form;(ii) English; and(iii) the language principally used by the owner of the virtual currency kiosk or the virtual currency kiosk operator to advertise, solicit, or negotiate, orally or in writing; and
(i) a retainable form;
(ii) English; and
(iii) the language principally used by the owner of the virtual currency kiosk or the virtual currency kiosk operator to advertise, solicit, or negotiate, orally or in writing; and
(B) may be provided electronically if the customer requests or agrees to receive an electronic receipt.
(f) The total amount of a fee and commission charged by an owner of the virtual currency kiosk or a virtual currency kiosk operator for a virtual currency transaction shall not exceed:(1) $5.00; or(2) 18 percent of the amount of the virtual currency transaction.
(1) $5.00; or
(2) 18 percent of the amount of the virtual currency transaction.
(g) There are established the following maximum daily virtual currency kiosk transaction limits:(1) $2,000 for each new customer of a virtual currency kiosk; and(2) $7,500 for each existing customer of a virtual currency kiosk.
(1) $2,000 for each new customer of a virtual currency kiosk; and
(2) $7,500 for each existing customer of a virtual currency kiosk.
(h) The owner of a virtual currency kiosk or a virtual currency kiosk operator shall allow a new customer, upon the request of the new customer, to cancel and receive a full refund for any fraudulent virtual currency transactions that occurred not later than 72 hours after the new customer registered as a customer of the owner of the virtual currency kiosk or the virtual currency kiosk operator if, not later than 14 days after the last virtual currency transaction that occurred during the 72-hour period, the new customer:(1) contacts the owner of the virtual currency kiosk or the virtual currency kiosk operator and a government or law enforcement agency to inform the owner of the virtual currency kiosk or the virtual currency kiosk operator and government or law enforcement agency of the fraudulent nature of the virtual currency transaction; and(2) files a report with a government or law enforcement agency memorializing the fraudulent nature of the virtual currency transaction.
(1) contacts the owner of the virtual currency kiosk or the virtual currency kiosk operator and a government or law enforcement agency to inform the owner of the virtual currency kiosk or the virtual currency kiosk operator and government or law enforcement agency of the fraudulent nature of the virtual currency transaction; and
(2) files a report with a government or law enforcement agency memorializing the fraudulent nature of the virtual currency transaction.
(i) Each owner of a virtual currency kiosk or a virtual currency kiosk operator shall:(1) obtain a copy of a government-issued identification card that identifies each customer of the owner of the virtual currency kiosk or the virtual currency kiosk operator;(2) maintain restrictions that prevent more than one customer of the owner of the virtual currency kiosk or the virtual currency kiosk operator from using the same virtual currency wallet;(3) be able to prevent designated virtual currency wallets from being used at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;(4) use an established third party that specializes in performing blockchain analyses to preemptively perform the analyses to identify and prevent high risk or sanctioned virtual currency wallets from being used by customers at virtual currency kiosks owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;(5) define, in the owner of the virtual currency kiosk's or the virtual currency kiosk operator's policies and procedures, a risk-based method of monitoring customers of the owner of the virtual currency kiosk or the virtual currency kiosk operator on a post-transaction basis;(6) offer, during the hours of operation of the virtual currency kiosks owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator, live customer support by telephone from a telephone number prominently displayed at or on the virtual currency kiosks;(7) (A) identify and speak by telephone with an elder adult who is a new customer before the elder adult who is a new customer completes his or her first virtual currency transaction with the owner of the virtual currency kiosk or the virtual currency kiosk operator.(B) During the communication, which shall be recorded and retained by the owner of the virtual currency kiosk or the virtual currency kiosk operator, the owner of the virtual currency kiosk or the virtual currency kiosk operator shall:(i) reconfirm any attestations made by the new customer at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;(ii) discuss the transaction; and(iii) (a) discuss types of fraudulent schemes relating to virtual currency.(b) The owner of the virtual currency kiosk's or the virtual currency kiosk operator's approval of the transaction shall be dependent upon the owner of the virtual currency kiosk's or the virtual currency kiosk operator's assessment of the communication;(8) designate and employ a chief compliance officer who shall:(A) be qualified to coordinate and monitor a compliance program to ensure compliance with this section and all other applicable federal laws and regulations and state laws and rules; and(B) not own more than 20 percent of the owner of the virtual currency kiosk or the virtual currency kiosk operator that employs the officer; and(9) use full-time employees to fulfill the owner of the virtual currency kiosk's or the virtual currency kiosk operator's compliance responsibilities under federal laws and regulations and state laws and rules.
(1) obtain a copy of a government-issued identification card that identifies each customer of the owner of the virtual currency kiosk or the virtual currency kiosk operator;
(2) maintain restrictions that prevent more than one customer of the owner of the virtual currency kiosk or the virtual currency kiosk operator from using the same virtual currency wallet;
(3) be able to prevent designated virtual currency wallets from being used at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;
(4) use an established third party that specializes in performing blockchain analyses to preemptively perform the analyses to identify and prevent high risk or sanctioned virtual currency wallets from being used by customers at virtual currency kiosks owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;
(5) define, in the owner of the virtual currency kiosk's or the virtual currency kiosk operator's policies and procedures, a risk-based method of monitoring customers of the owner of the virtual currency kiosk or the virtual currency kiosk operator on a post-transaction basis;
(6) offer, during the hours of operation of the virtual currency kiosks owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator, live customer support by telephone from a telephone number prominently displayed at or on the virtual currency kiosks;
(7) (A) identify and speak by telephone with an elder adult who is a new customer before the elder adult who is a new customer completes his or her first virtual currency transaction with the owner of the virtual currency kiosk or the virtual currency kiosk operator.(B) During the communication, which shall be recorded and retained by the owner of the virtual currency kiosk or the virtual currency kiosk operator, the owner of the virtual currency kiosk or the virtual currency kiosk operator shall:(i) reconfirm any attestations made by the new customer at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;(ii) discuss the transaction; and(iii) (a) discuss types of fraudulent schemes relating to virtual currency.(b) The owner of the virtual currency kiosk's or the virtual currency kiosk operator's approval of the transaction shall be dependent upon the owner of the virtual currency kiosk's or the virtual currency kiosk operator's assessment of the communication;
(A) identify and speak by telephone with an elder adult who is a new customer before the elder adult who is a new customer completes his or her first virtual currency transaction with the owner of the virtual currency kiosk or the virtual currency kiosk operator.
(B) During the communication, which shall be recorded and retained by the owner of the virtual currency kiosk or the virtual currency kiosk operator, the owner of the virtual currency kiosk or the virtual currency kiosk operator shall:(i) reconfirm any attestations made by the new customer at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;(ii) discuss the transaction; and(iii) (a) discuss types of fraudulent schemes relating to virtual currency.(b) The owner of the virtual currency kiosk's or the virtual currency kiosk operator's approval of the transaction shall be dependent upon the owner of the virtual currency kiosk's or the virtual currency kiosk operator's assessment of the communication;
(i) reconfirm any attestations made by the new customer at a virtual currency kiosk owned or operated by the owner of the virtual currency kiosk or the virtual currency kiosk operator;
(ii) discuss the transaction; and
(iii) (a) discuss types of fraudulent schemes relating to virtual currency.(b) The owner of the virtual currency kiosk's or the virtual currency kiosk operator's approval of the transaction shall be dependent upon the owner of the virtual currency kiosk's or the virtual currency kiosk operator's assessment of the communication;
(a) discuss types of fraudulent schemes relating to virtual currency.
(b) The owner of the virtual currency kiosk's or the virtual currency kiosk operator's approval of the transaction shall be dependent upon the owner of the virtual currency kiosk's or the virtual currency kiosk operator's assessment of the communication;
(8) designate and employ a chief compliance officer who shall:(A) be qualified to coordinate and monitor a compliance program to ensure compliance with this section and all other applicable federal laws and regulations and state laws and rules; and(B) not own more than 20 percent of the owner of the virtual currency kiosk or the virtual currency kiosk operator that employs the officer; and
(A) be qualified to coordinate and monitor a compliance program to ensure compliance with this section and all other applicable federal laws and regulations and state laws and rules; and
(B) not own more than 20 percent of the owner of the virtual currency kiosk or the virtual currency kiosk operator that employs the officer; and
(9) use full-time employees to fulfill the owner of the virtual currency kiosk's or the virtual currency kiosk operator's compliance responsibilities under federal laws and regulations and state laws and rules.