{"data":{"id":"us-ky/krs-286.13-090","jurisdiction":"us-ky","citation":"KRS 286.13-090","heading":"Transaction limits -- Delay for new users -- Charges -- Customer","body":"service -- Notices at kiosk -- Disclosures -- Receipts -- Administrative\nregulation.  (Effective April 30, 2027)\n(1) As used in this section:\n(a) \"New virtual currency kiosk user\":\n1. Means a virtual currency kiosk user:\na. On the day of the user's first virtual currency kiosk transaction\nwith the virtual currency kiosk operator; and\nb. For twenty-nine (29) calendar days thereafter; and\n2. Does not include a virtual currency kiosk  user on any day that the user\nenters a virtual currency kiosk transaction with the virtual currency\nkiosk operator following twenty -nine (29) calendar days after the user's\nfirst virtual currency kiosk transaction with the operator;\n(b) \"Virtual currency kiosk operator\" includes an agent of the virtual currency\nkiosk operator;\n(c) \"Virtual currency wallet\" means a software application or other mechanism\nproviding a means to hold the keys necessary to access and transfer virtual\ncurrency; and\n(d) \"Virtual currency wallet address\" means an alphanumeric identifier associated\nwith a virtual currency wallet that identifies the location to which a virtual\ncurrency transaction can be sent.\n(2) A virtual currency kiosk operator shall:\n(a) Have maximum virtual currency kiosk transaction limits that do not exceed:\n1. Two thousand dollars ($2,000), or the equivalent in virtual currency, per\nday for all virtual currency kiosk transactions entered with a virtual\ncurrency kiosk user; and\n2. Ten thousand five hundred dollars ($10,500), or the equivalent in virtual\ncurrency, for all virtual currency kiosk transactions entered with a new\nvirtual currency kiosk user;\n(b) Either:\n1. Wait seventy-two (72) hours before processing a virtual currency kiosk\ntransaction for a new virtual currency kiosk user; or\n2. At the operator's cost, allow a new virtual currency kiosk user to cancel,\nand receive a full refund for, a virtual currency kiosk transaction within\nseventy-two (72) hours after the transaction;\n(c) Not collect, d irectly or indirectly, virtual currency kiosk charges from a\nvirtual currency kiosk user for any single virtual currency kiosk transaction\nthat exceeds the greater of:\n1. Five dollars ($5); or\n2. Eighteen percent (18%) of the value, in United States dollar s, of the\ntransaction;\n(d) Provide live customer service via a toll -free telephone number during the\noperating hours of each virtual currency kiosk in this state; and\n(e) Provide the following notices at each virtual currency kiosk in this state:\n1. The following warning, stating in substantially similar form:\n\"WARNING: This technology can be used to defraud you.\nIf someone asked you to deposit money in this machine and/or is on the\nphone with you and claims to be a:\n- Friend or family member;\n- Government agent;\n- Computer software representative;\n- Bill collector;\n- Law enforcement officer; or\n- Anyone you do not know personally;\nSTOP THIS TRANSACTION IMMEDIATELY and contact your local\nlaw enforcement and the virtual currency kiosk operator. This may be a\nscam. NEVER SEND MONEY to someone you don't know.\";\n2. That virtual currency kiosk users can contact the following to report\nfraud or suspected fraud:\na. Any relevant state and local law enforcement;\nb. The department; and\nc. The Attorney General;\n3. The contact information, including a telephone number, for each of the\nagencies referenced in subparagraph 2. of this paragraph;\n4. The name, address, and toll -free customer service telephone number of\nthe virtual currency kiosk operator;\n5. The days, times, and means by which a virtual currency kiosk user can\ncontact the virtual currency kiosk operator for assistance; and\n6. The operator's dedicated United States telephone number or email\naddress for law enforcement, the department , and the Attorney General,\nas required under KRS 286.13-095(6).\n(3) The notices required under subsection (2)(e) of this section shall be:\n(a) 1. On the virtual currency kiosk;\n2. Near, and within readable sight of, the virtual currency kiosk; or\n3. On the first screen of the virtual currency kiosk, which shall be viewable\nby any person without requiring the person to input money, virtual\ncurrency, data, or information; and\n(b) Displayed prominently and in bold type.\n(4) (a) Prior to entering a virtual cur rency kiosk transaction with a virtual currency\nkiosk user, a virtual currency kiosk operator shall:\n1. Provide accurate and appropriate disclosures to the user; and\n2. Obtain an acknowledgment from the user that the user received the\ndisclosures.\n(b) The disclosures required under paragraph (a) of this subsection shall:\n1. Describe the terms and conditions of the transaction, which shall include\nbut not be limited to:\na. The amount of the transaction;\nb. A description of all virtual currency kiosk charges,  which shall be\ndisclosed to the user in United States dollars; and\nc. The exchange rate of the virtual currency to the United States\ndollar;\n2. Describe all material risks associated with the virtual currency kiosk\ntransaction, including the following:\na. Virtual currency is not legal tender in the United States, is not\nbacked by the United States government, and accounts and value\nbalances are not subject to Federal Deposit Insurance Corporation,\nNational Credit Union Administration, or Securities Investo r\nProtection Corporation protections;\nb. Legislative and regulatory changes or actions at the state, federal,\nor international level may adversely affect the value of virtual\ncurrency;\nc. Virtual currency value relative to the United States dollar may\nfluctuate significantly;\nd. Transactions in virtual currency may be irreversible, and\naccordingly, losses due to fraudulent or accidental transactions\nmay not be recoverable;\ne. Some virtual currency transactions may be immediately effective\nwhen recorded on a public ledger, which is not necessarily the date\nor time that the user initiates the transaction;\nf. The value of virtual currency may be derived from the continued\nwillingness of market participants to exchange legal tender for\nvirtual currency, which may result in the potential for permanent\nand total loss of value of a particular virtual currency if th e market\nfor the virtual currency declines or collapses for an extended\nperiod of time;\ng. Any bond required by KRS 286.13 -050 for the benefit of virtual\ncurrency kiosk users may not be sufficient to cover all losses\nincurred by the users;\nh. Virtual curre ncy kiosk users should perform research before\npurchasing or investing in virtual currency; and\ni. The circumstances under which the virtual currency kiosk operator\nwill, in the ordinary course of business, disclose the user's\nfinancial and account information to third parties;\n3. Include any other terms, conditions, or information the commissioner\ndetermines is necessary and appropriate to disclose to virtual currency\nkiosk users;\n4. Be made separately from any other information provided by a virtual\ncurrency kiosk operator; and\n5. Be clear, conspicuous, and in legible writing.\n(5) (a) Upon completion of a virtual currency kiosk transaction, a virtual currency\nkiosk operator shall provide a receipt in paper or electronic retainable form, as\ndesignated under  paragraph (b) of this subsection, to the virtual currency\nkiosk user that contains all of the following information:\n1. The name and toll -free customer service telephone number of the\noperator;\n2. The contact information required under subsection (2)(e)3.  of this\nsection to report fraud or suspected fraud;\n3. The type, value, date, and precise time of the transaction;\n4. Each applicable virtual currency wallet address and transaction hash,\nwhere available;\n5. A description of all virtual currency kiosk cha rges, which shall be\ndisclosed in United States dollars;\n6. The exchange rate of the virtual currency to the United States dollar;\n7. The operator's liability for nondelivery or delayed delivery;\n8. The operator's refund policy; and\n9. Any additional information required by the commissioner.\n(b) Each virtual currency kiosk user shall be provided the option to receive a\npaper or electronic receipt for each virtual currency kiosk transaction.\n(6) A virtual currency kiosk operator may provide additional notice s or disclosures, or\ninformation on a receipt provided, to a virtual currency kiosk user.\n(7) A fraud victim's eligibility for a refund shall not be waived, affected, or prevented\nby, or due to, a disclosure made in accordance with this section.\n(8) The no tices, disclosures, and receipts required under this section shall be in the\nEnglish language.\n(9) The commissioner may promulgate an administrative regulation in accordance with\nKRS Chapter 13A to:\n(a) Establish the format of the notices required under su bsection (2)(e) of this\nsection;\n(b) Establish any additional disclosures or information the commissioner requires\nunder subsection (4) or (5) of this section; and\n(c) Require virtual currency kiosk operators to comply with one (1) or more\nspecified industry standards or practices if the commissioner determines that\ncompliance with the standard or practice is necessary to:\n1. Ensure the lawful conduct of business under this subtitle; or\n2. Protect the interest of the public.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58293","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:16Z","sha256":"90b8a6d6c931774ae5a84a6f0d2f9f81dd171378482c721e4304c550bd8f15a0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.13-085","next":"us-ky/krs-286.13-095"},"notice":"GroundRules: Original legal text. Not legal advice."}