The bill enacts the Colorado Vending of Digital Assets Act,
which requires an owner or operator of a virtual currency kiosk to:
•
Provide certain disclosures to customers of the virtual currency kiosk;
•
Provide each customer with a printed and an electronic receipt detailing the customer's virtual currency transaction; and
•
Fully refund a customer's first virtual currency transaction if the virtual currency transaction is to a virtual currency wallet or exchange located outside of the United States and is determined by law enforcement to be fraudulent.
The bill establishes a daily transaction limit of $1,000 for a
customer of a virtual currency kiosk.
The bill defines virtual currency as a type of digital unit that is
used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology. Virtual currency kiosk is defined as an electronic terminal acting as a mechanical agent of the owner or operator to enable the owner or operator to facilitate the exchange of virtual currency for other virtual currency or fiat currency.
