On Apr. 10, ND LEG enacted bill on virtual currency kiosk requirement.
ND LEG enacted bill HB 1447 to add new sections related to virtual currency kiosks.
Amend North Dakota century code to enact section ND FIN 13-09.1-50 to 13-09.1-54.
Document dated Apr. 14, 2025, was received on Apr. 24, 2025, due to a fixed feed.
Legislative Provisions
Kiosk operator may not engage in virtual-currency business activity, hold out as being able to engage in virtual-currency business activity with, behalf of another person.
Unless the kiosk operator is licensed in this State as a money transmitter; virtual - currency kiosk operator must comply with all requirements of a money transmitter.
Kiosk must be placed in commercially accessible area, accessible to users with space to account for mobility limitations, subject to security features (lighting, surveillance).
Virtual currency kiosk operator must submit a quarterly report of location of virtual kiosk located to State to commissioner within 45-day of end of calendar quarter.
Location report must include company's legal name; any fictitious or trade name; physical address; start date of operation of the virtual currency kiosk at the location.
Also, end date of the operation of the virtual currency kiosk at the location, if applicable; and virtual currency addresses associated with the virtual currency kiosk.
Disclosures, Limits
Virtual currency kiosk operator must disclose in a clear, conspicuous, easily readable manner in the chosen language of the customer, all relevant terms and conditions.
Also, kiosk operator must receive acknowledgment of receipt of disclosures via confirmation of consent; must include a warning written prominently in bold type.
Virtual currency kiosk operator may not accept transactions of more than $2k of cash or the equivalent in virtual currency per the calendar day with a single customer.
Via 1 or more virtual currency kiosks operated by the same virtual-currency operator.
Virtual currency operator performing business must provide live customer service at a minimum on Monday - Friday between 8 a.m. central time and 10 p.m. central time.
Customer service toll-free number must be displayed on virtual kiosk or kiosk screens.
Legislative History
On Jan. 15, 2025, bill introduced in the House; on Feb. 17, 2025, bill passed House.
On Feb. 18, 2025, bill introduced into Senate; on Mar. 18, 2025, bill passed Senate.
On Apr. 2, 2025, House concurred amendments; on Apr. 8, 2025, signed by House.
On Apr. 8, 2025, delivered to governor; on Apr. 10, 2025, bill was signed by governor.
Effectiveness
Per ND Constitution, upon approval by governor, bill becomes effective Aug. 1, 2025.
