Senators overwhelmingly passed legislation meant to better regulate the kinds of cryptocurrency kiosks that have been popping up in storefronts.
“In short order, West Virginia now has more virtual currency kiosks on a per capita basis than any state in the country. These machines have come in and taken over our landscape,” said Senator Mike Oliverio, R-Monongalia.
Senators voted 33-1 in favor of the bill, with Senator Craig Hart, a Republican from Mingo County, the only vote against it.
The bill now goes back to the House of Delegates in the final hours of the regular legislative session because it has been amended since delegates passed it earlier this month. Delegates just have to decide on agreeing to the changes.
Senator Jay Taylor, R-Taylor, said the legislation is meant to protect West Virginians, particularly seniors.
“Across the country scammers are calling elderly people, threatening them and directing them to cryptocurrency kiosks to send money,” Taylor said.
H. B. 5353 is intended to better regulate the kinds of kiosks often found in convenience stores and gas stations allowing users to buy or sell cryptocurrencies using cash or debit cards. Those kiosks often have fees ranging from 5% to 15% per transaction.
The legislation proposes a comprehensive legal framework to integrate virtual currency kiosks into the state’s existing money transmission laws.
The bill establishes a formal licensure process for operators, requiring them to register through national systems and adhere to strict oversight.
To protect consumers, the bill mandates detailed risk disclosures, provides daily transaction limits and requires the issuance of physical receipts for all digital currency exchanges.
And the bill introduces specific anti-fraud measures, such as identity verification and mandatory telephone consultations for older customers to prevent financial exploitation.
Senator Trenton Barnhart, R-Pleasants, praised work on the legislation, which he called “reasonable guardrails on these cryptocurrency kiosks.”
“We’re striking a balance between common sense, consumer protections, while also providing a reasonable regulatory framework for this kind of business.”
AARP West Virginia has been a top backer of the policy.
Gaylene Miller, state director of AARP West Virginia, said passage of the crypto kiosk bill and other consumer protection legislation “reflects this Legislature’s commitment to protecting our most vulnerable residents.
“We thank the Legislature for its leadership and look forward to the Governor signing these important consumer‑protection bills into law.”