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Florida House Bill 505, Virtual Currency Kiosks
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Florida House Bill 505, Virtual Currency Kiosks
Link to bill information.
Bill Status:
Passed by the Florida Legislature – Awaiting approval by Governor.
Key Provisions of HB 505:
- Regulates virtual currency kiosk businesses (crypto ATMs) in Florida.
- Requires crypto ATM operators register with the Office of Financial Regulation and adhere to security standards like displaying clear fraud warnings for customers.
- Sets daily transaction limits of $2,000 for new customers (users less than 7 days) and $10,000 for all other customers.
- Mandates crypto ATM operators issue a full refund to victims of fraud for their first transaction when reporting requirements are met.
- Requires crypto ATMs offer customers the option of receiving a printed receipt upon completion of transaction.
Why It Matters:
Scammers are using crypto ATMs to steal millions of dollars from Floridians every year – exploiting the lack of regulations and transaction limits to steal a person’s life savings in minutes. House Bill 505 provides critical fraud protections limiting how much Floridians can lose through these machines and ensuring customers receive the transaction details they’ll need to report cases of fraud to law enforcement.
How to Support HB 505:
Floridians can encourage Governor DeSantis to sign HB 505, Virtual Currency Kiosks, into law by contacting the governor’s office at 850-717-9337 or through the link below.
https://www.flgov.com/eog/leadership/people/ron-desantis/contact
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