HB1467

House Bill 1467 amends the Arkansas Uniform Money Services Act to establish regulatory frameworks for virtual currency kiosks (often known as Bitcoin ATMs). The bill introduces formal definitions for virtual currency kiosks, operators, and related terminology. It requires licensees to maintain surety bonds to protect consumer claims and grants the Securities Commissioner authority to require additional cybersecurity-related security. The legislation mandates that virtual currency kiosk operators provide extensive disclosures to customers regarding the risks, volatility, and irreversibility of virtual currency transactions. Additionally, it requires licensees to provide training to authorized delegates on recognizing and responding to the financial exploitation of elderly adults. Licensees must also include fraud warnings with toll-free reporting numbers in their operations and maintain updated lists of all physical kiosk locations for state regulators.