{"data":{"id":"us-md/md.-code-financial-institutions-12-1201","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 12–1201","heading":"","body":"(a) In this subtitle the following words have the meanings indicated.\n(b) “Experienced user” means a person that is not a new user.\n(c) “New user” means a person that is transacting with a virtual currency kiosk operator:\n(1) For the first time; or\n(2) Anytime in the 72 hours immediately following the person’s first transaction with the virtual currency kiosk operator.\n(d) (1) “Virtual currency” means a digital representation of value that:\n(i) Is used as a medium of exchange, unit of account, or store of value; and\n(ii) Is not currency, as defined in § 12–802 of this title.\n(2) “Virtual currency” does not include:\n(i) A digital representation of value that can be redeemed for:\n1. Goods, services, discounts, or purchases solely as part of a customer affinity or rewards program with the issuing merchant or other designated merchants, or both; or\n2. Digital units in another customer affinity or rewards program that may not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; or\n(ii) A digital representation of value issued by or on behalf of a publisher that:\n1. Is used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform;\n2. Has no market or application outside of the online game, game platform, or family of games;\n3. May not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; and\n4. May or may not be redeemable for real–world goods, services, discounts, or purchases.\n(e) (1) “Virtual currency kiosk” means a stand–alone automated platform through which a consumer may deposit or receive cash or use a credit or debit card to obtain virtual currency services.\n(2) “Virtual currency kiosk” does not include an automated teller machine, as defined in § 1–401(d) of this article.\n(f) “Virtual currency kiosk operator” or “operator” means a person who owns or operates a virtual currency kiosk in the State.\n(g) (1) “Virtual currency service” means:\n(i) The conversion of a virtual currency to another form of virtual currency; or\n(ii) The purchase, sale, exchange, swap, or transfer of virtual currency by any means.\n(2) “Virtual currency service” includes any other activity that the Commissioner identifies as a virtual currency service by regulation.\n(3) “Virtual currency service” does not include money transmission, as defined in § 12–401(p) of this title.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=12-1201","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"4fc5dd9b3387b710ec13e38ac4adc3240d36a53c689f193fefb83118c2e8660f","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-12-1105","next":"us-md/md.-code-financial-institutions-12-1202"},"notice":"GroundRules: Original legal text. Not legal advice."}