An Act to Set Limits on Virtual Currency Kiosks
Maine Legislature, Session 132, LD 1205
Committee: Health Coverage, Insurance and Financial Services
Sponsors: TEPLER, ARFORD
Amends: 32 MRSA §6100-O, 32 MRSA §6100-V

Legislative Document
No. 1205
S.P. 494
In Senate, March 20, 2025
An Act to Set Limits on Virtual Currency Kiosks
Reference to the Committee on Health Coverage, Insurance and Financial Services 
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator TEPLER of Sagadahoc.
Cosponsored by Representative ARFORD of Brunswick and
Senators: CARNEY of Cumberland, INGWERSEN of York, Representative: FOLEY of Wells.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  32 MRSA §6100-OO, sub-§13-A is enacted to read:
13-A.  Virtual currency kiosk.  "Virtual currency kiosk" means an automated, 
unstaffed electronic machine that allows users to engage in money transmission, including 
any electronic machine that allows users to engage in money transmission, including any 
machine that is capable of accepting or dispensing cash in exchange for virtual currency.
Sec. 2.  32 MRSA §6100-OO, sub-§13-B is enacted to read:
13-B.  Virtual currency kiosk operator.  "Virtual currency kiosk operator" means a 
person that engages in virtual currency business activity via a virtual currency kiosk located 
in this State or a person that owns, operates or manages a virtual currency kiosk located in 
this State through which virtual currency business activity is offered.
Sec. 3.  32 MRSA §6100-VV is enacted to read:
§6100-VV.  Virtual currency kiosk operators
Requirements for virtual currency kiosk operators are governed by this section. 
1.  Transaction limits; dollar amount.  A virtual currency kiosk operator may not 
accept or dispense more than $1,000 in a day from or to a customer via a virtual currency 
kiosk.
2.  Transaction charges.  A virtual currency kiosk operator may not collect charges, 
whether direct or indirect, from a customer related to a single virtual currency kiosk 
transaction that exceed the greater of:
A. Five dollars; and
B. Three percent of the United States dollar equivalent of virtual currency assets 
involved in the transaction according to the publicly quoted market price of the virtual 
currency asset exchange at the time the customer initiates the transaction. 
For purposes of this subsection, "single virtual currency kiosk transaction" means the 
purchase, sale, exchange, swap or conversion of virtual currency, or the subsequent transfer 
of virtual currency, in a series of transactions.
3. License required. A virtual currency kiosk operator must be licensed as a money 
transmitter pursuant to this Act unless exempt pursuant to sections 6074 and 6075.
4. Operator accountability. If a virtual currency kiosk operator allows or facilitates 
another person to engage in virtual currency business activity via a virtual currency kiosk 
in the State that is owned, operated or managed by the virtual currency kiosk operator, the 
virtual currency kiosk operator shall ensure that the person engaging in virtual currency 
business activity is licensed pursuant to subsection 3 and complies with all other applicable 
provisions of this section.
Sec. 4.  Report.  No later than December 3, 2025, the Commissioner of Professional 
and Financial Regulation shall submit a report to the Joint Standing Committee on Health 
Coverage, Insurance and Financial Services that includes findings and recommendations 
regarding the protection of customers of virtual currency kiosks from fraudulent activity. 
The committee may submit legislation related to the report to the Second Regular Session 
of the 132nd Legislature.
SUMMARY
This bill requires licensing of virtual currency kiosk operators, caps fees at the greater 
of $5 and 3% of the dollar amount of the transaction, establishes a $1,000 per day 
transaction limit, and requires an operator that allows another person to engage in virtual 
currency business activity via a virtual currency kiosk owned by that operator to ensure 
that the person engaging in the virtual currency business activity is licensed and in 
compliance with applicable provisions governing virtual currency kiosk operators.