Title 6.2, Title 6.2. Financial Institutions and Services

A. Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any other licensee under this chapter unless such person has: 1. Filed an application with th…

A. Every licensee shall maintain in its licensed offices such books, accounts, and records as the Commission may reasonably require in order to determine whether the licensee is complying with the provisions of this chapter and other applicable laws. Such books, accounts, and rec…

A. Annually on or before March 31, each licensee under this chapter shall file a written report with the Commissioner containing such information as the Commissioner may require concerning its business and operations during the preceding calendar year in each location. Reports sh…

Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact on the business of the licensee: 1. The filing of bankruptcy, reorganization, or receivership proceedin…

A. The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any person licensed or required to be licensed under this chapter insofar as they pertain to any business for w…

A. To defray the costs of the examination, supervision, and regulation of licensees, every licensee under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the business volume …

A. A licensee shall disclose in a clear, conspicuous, and reasonably understandable manner in the chosen language of the user all relevant terms and conditions associated with the products, services, and activities of virtual currency transactions, including transaction charges c…

A. Each licensee shall take reasonable steps to detect and prevent fraud and money laundering, including by establishing and maintaining a written antifraud policy and abiding by all relevant provisions of the federal Bank Secrecy Act (31 U.S.C. § 5311 et seq.). Such policy shall…

A. No licensee shall accept a transaction of greater than $2,000 in U.S. dollars or the equivalent in virtual currency for any new user per day. A licensee's maximum daily transaction limit for a user shall not exceed $5,000, and a licensee's maximum monthly transaction limit for…

No licensee shall collect any charge from a user relating to a single virtual currency kiosk transaction that exceeds 18 percent of the value of such transaction. Such percentage shall include any charge related to the annual fee required by § 6.2-2252.

Each licensee in operation shall provide users live customer service during all operating hours and including the hours between 8 a.m. and 10 p.m. each day. A customer service toll-free phone number shall be displayed on each virtual currency kiosk or screen.

Each licensee shall maintain and monitor a dedicated communications line for relevant government agencies via a posted U.S. phone number or email address. Such line shall be used to facilitate law-enforcement and regulatory agency communications with the licensee in the event of …

The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard, in accordanc…

No person licensed or required to be licensed under this chapter shall use or cause to be published any advertisement that (i) contains any false, misleading, or deceptive statement or representation or (ii) identifies the person by any name other than the name set forth on the l…

A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds: 1. Any ground for denial of a license under this chapter; 2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto,…

A. If the Commission determines that any person has violated any provision of this chapter or any regulation adopted hereunder, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this…

The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § 6.2-2261 until it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and an opportunity …

In addition to the authority conferred under § 6.2-2251, the Commission may impose a fine or penalty not exceeding $1,000 upon any person who it determines, in proceedings commenced in accordance with the Commission's Rules of Practice and Procedure, has violated any provision of…

A. If the Commission determines that a person is in violation of, or has violated, any provision of this chapter, the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations. With or without such referral,…

Any violation of the provisions of this chapter shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).