SB489
Financial institutions & services; operation of virtual currency kiosk, license required, penalties.
Status:
In Senate
Latest Action:
Feb. 5, 2026
Senate: Fiscal Impact Statement from State Corporation Commission (SB489)
Chief Patron:
Saddam Azlan Salim (D)
Session:
2026 Regular Session
Summary
As Introduced. Financial institutions and services; virtual currency kiosk operators; license required; penalties.
Establishes requirements for the operation of virtual currency kiosks, as defined in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain disclosures, and take reasonable steps to detect and ... (More) prevent fraud and money laundering. The bill prohibits operators from accepting transactions above specified daily and monthly limits and establishes a maximum transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia Consumer Protection Act. (Less)-
Bill History
- 01/13/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26104942D
- 01/13/2026 - Senate: Referred to Committee on Commerce and Labor
- 01/26/2026 - Senate: Fiscal Impact Statement from State Corporation Commission (SB489)
- 01/26/2026 - Senate: Senate committee offered
- 01/26/2026 - Senate: Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations (11-Y 0-N 4-A)
- 01/26/2026 - Senate: Rereferred to Finance and Appropriations
- 01/27/2026 - Senate: Committee substitute printed 26106150D-S1
- 02/04/2026 - Senate: Reported from Finance and Appropriations (15-Y 0-N)
- 02/05/2026 - Senate: Rules suspended
- 02/05/2026 - Senate: Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
- 02/05/2026 - Senate: Passed by for the day (Voice Vote)
- 02/05/2026 - Senate: Fiscal Impact Statement from State Corporation Commission (SB489)
