On August 18, Illinois enacted SB 2319, creating the Virtual Currency Kiosk Consumer Protection Act. The law imposes new requirements on virtual currency kiosk operators, including consumer disclosures, anti-fraud policies, and requirements for operators to designate both compliance and consumer protection officers.
It provides that the information reported to the state’s Department of Financial and Professional Regulation by virtual currency kiosk operators remains confidential and not subject to disclosure under the Freedom of Information Act. Operators must disclose material risks and general terms and conditions before opening accounts or conducting initial transactions, provide receipts for each transaction, maintain customer services, use blockchain analytics to prevent fraudulent transfers, report kiosk locations quarterly, and obtain a money transmitter license.
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