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Virginia General Assembly Passes Cryptocurrency Kiosk Regulations to Protect Virginia Consumers
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Virginia General Assembly Passes Cryptocurrency Kiosk Regulations to Protect Virginia Consumers
RICHMOND_ Legislation to create a regulatory framework for cryptocurrency kiosks, sometimes known as “crypto ATMs,” passed the Virginia Senate unanimously today. An identical bill passed the House of Delegates last week, 84-13, with strong bipartisan support. Senator Sadam Salim (D-Fairfax) and Delegate Michelle Maldonado (D-Manassas) carried the bills.
The bill puts in place badly needed rules and regulations for virtual currency kiosks, which can be found in convenience stores, gas stations, or many other locations and look like bank ATMs. These kiosks’ intended use is to purchase cryptocurrency and transfer funds to digital wallets, but because they are currently unregulated and transactions are difficult to trace, they are often used for fraud. There are tens of thousands of these kiosks across the country, and nationwide estimates in 2025 put the losses from crypto kiosk scams at around $330 million.
HB665/SB489 establishes minimum standards of conduct for operators, requires them to be licensed with the state and requires them to provide regular reports on their business activities.
Most importantly, it institutes a number of protections against fraud, including:
- Daily and monthly transaction limits, to help mitigate losses in the event that fraud does occur
- 48-hour holds for new users to ensure that money can be returned in the event of a fraudulent transaction
- ID verification for all transactions; and
- Warning requirements to ensure that users understand the risks and the potential for scams
“Virginians have been losing money to scammers who take advantage of the lack of regulations and relative anonymity of cryptocurrency kiosks,” said Jim Dau, AARP Virginia state director. “The more we learn about these kiosks, the more problematic they seem to be. These regulations and protections are desperately needed to protect Virginians, particularly older Virginians who are more frequently targeted for scams.”With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50+ and their families in the Commonwealth. In recent years, AARP Virginia has successfully fought for Medicaid expansion, protections for older people against financial exploitation, nursing home staffing standards and empowering family caregivers.
To learn more about AARP Virginia, like us on Facebook at www.facebook.com/aarpvirginiaand follow @AARPVa on X at www.X.com/aarpva.
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the 125 million Americans 50-plus and their families: health and financial security, and personal fulfillment. AARP also produces the nation's largest-circulation publications: AARP The Magazine and the AARP Bulletin. To learn more, visit aarp.org, aarp.org/espanol or follow @AARP, @AARPLatino and @AARPadvocates on social media.
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