Engaging in virtual currency kiosk business -- License. (Effective April 30, 2027)

30, 2027) (1) (a) A person shall not engage in virtual currency kiosk business in this state without: 1. A license; and 2. First obtaining, for each: a. Agent, the written approval of the commissioner to designate the agent to engage in virtual currency kiosk business in this state on behalf of the person; and b. Location at which the person, or an agent of the person, engages in virtual currency kiosk business in this state: i. Any license, permit, registration, or other authorization required for the person, agent, or location under any applicable local ordinance, resolution, or regulation; and ii. The written approval of the commissioner to do business at the location, as provided in KRS 286.13-045. (b) Except as provided in paragraph (c) of this subsection, a person shall be deemed to be engaged in virtual currency kiosk business in this state if the person: 1. Owns, operates, solicits, markets, or advertises a virtual currency kiosk located in this state; or 2. Engages in, or holds out as being able to engage in, a virtual currency kiosk transaction with or on behalf of any virtual currency kiosk user. (c) A person shall not be deemed to be engaged in virtual currency kiosk business in this state solely because the person leases space to, or otherwise contracts for or allows, a virtual currency kiosk operator to locate a virtual currency kiosk at a store or locale in this state. (2) A license shall: (a) Be valid unless it is: 1. Revoked or suspended by the commissioner; 2. Surrendered by the licensee; or 3. Expired; (b) Except as provided in KRS 286.13-065, not be transferred or assigned; and (c) Expire on December 31 of the year in which it is issued, unless renewed or reinstated in accordance with KRS 286.13-060.