AI Generated Summary
Purpose
- The bill would prohibit placing or operating a virtual currency kiosk in Minnesota and would repeal the current regulatory framework governing virtual currency kiosks.
Main Provisions
- Section 2: Prohibition of virtual currency kiosks
- A person is prohibited from placing or operating a virtual currency kiosk in Minnesota.
- Section 1: Definitions
- Adds a subdivision of terms to the existing statute to define key terms used in the virtual currency framework (e.g., terms like control of virtual currency, exchange, transaction hash, new customer, existing customer, transfer, United States dollar equivalent, virtual currency address, virtual currency kiosk operator, virtual currency kiosk transaction, and virtual currency wallet).
- These definitions relate to the existing framework that the bill intends to repeal.
- Section 3: Repealer
- Repeals Minnesota Statutes 2024 sections 53B.69 subdivisions 1–13 and 53B.70, 53B.71, 53B.72, 53B.73, 53B.74, and 53B.75.
- Also references an appendix that contains the prior definitions and provisions for virtual currency activity (which would be removed under this bill).
Significant Changes to Existing Law
- Abolishes the entire regulatory regime for virtual currency kiosks (the sections that cover licensing, disclosures, customer protections, transaction limits, recordkeeping, and related requirements).
- Establishes a blanket prohibition on operating any virtual currency kiosk in Minnesota.
- Removes the current requirements that applying entities would have needed to follow, including licensing, disclosures to customers, transaction reporting, and protections tied to virtual currency transactions.
Practical Impact
- Businesses would be barred from opening or running virtual currency kiosks in Minnesota.
- Any existing kiosks would need to cease operations.
- Consumer protections and regulatory oversight previously provided under these sections would no longer apply.
- The state would no longer regulate or require disclosures, limits, or recordkeeping for virtual currency kiosk activities.
Relevant Terms (Keywords from the bill or its impact)
- virtual currency kiosk
- Minnesota
- prohibition / prohibited
- licensing (virtual currency business activity)
- disclosures
- new customer / existing customer
- transaction limits
- virtual currency transaction
- transfer
- virtual currency wallet
- virtual currency address
- transaction hash
- exchange
- United States dollar equivalent
- control of virtual currency
- virtual currency administration
- virtual currency kiosk operator
- 53B.69 / 53B.70–53B.75 (previous statutes being repealed)
Bill text versions
- Introduction PDF PDF file
Past committee meetings
- Commerce Finance and Policy on: February 26, 2026 08:15
- Commerce Finance and Policy on: March 18, 2026 08:15
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 23, 2026 | House | Action | Introduction and first reading, referred to | Commerce Finance and Policy | |
| March 05, 2026 | House | Action | Author added | ||
| March 12, 2026 | House | Action | Authors added |
Citations
[
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.1"
],
"summary": "Repealed: 53B.69 Subdivision 1 (Terms) — definitions for terms used in sections 53B.70 to 53B.74.",
"modified": []
},
"citation": "53B.69",
"subdivision": "1"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.2"
],
"summary": "Repealed: 53B.69 Subdivision 2 (Control of virtual currency).",
"modified": []
},
"citation": "53B.69",
"subdivision": "2"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.3"
],
"summary": "Repealed: 53B.69 Subdivision 3 (Exchange).",
"modified": []
},
"citation": "53B.69",
"subdivision": "3"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.3a"
],
"summary": "Repealed: 53B.69 Subdivision 3a (Transaction hash).",
"modified": []
},
"citation": "53B.69",
"subdivision": "3a"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.3b"
],
"summary": "Repealed: 53B.69 Subdivision 3b (New customer).",
"modified": []
},
"citation": "53B.69",
"subdivision": "3b"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.3c"
],
"summary": "Repealed: 53B.69 Subdivision 3c (Existing customer).",
"modified": []
},
"citation": "53B.69",
"subdivision": "3c"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.4"
],
"summary": "Repealed: 53B.69 Subdivision 4 (Transfer).",
"modified": []
},
"citation": "53B.69",
"subdivision": "4"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.5"
],
"summary": "Repealed: 53B.69 Subdivision 5 (United States dollar equivalent of virtual currency).",
"modified": []
},
"citation": "53B.69",
"subdivision": "5"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.6a"
],
"summary": "Repealed: 53B.69 Subdivision 6a (Virtual currency address).",
"modified": []
},
"citation": "53B.69",
"subdivision": "6a"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.7"
],
"summary": "Repealed: 53B.69 Subdivision 7 (Virtual currency administration).",
"modified": []
},
"citation": "53B.69",
"subdivision": "7"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.8"
],
"summary": "Repealed: 53B.69 Subdivision 8 (Virtual currency business activity).",
"modified": []
},
"citation": "53B.69",
"subdivision": "8"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.9"
],
"summary": "Repealed: 53B.69 Subdivision 9 (Virtual currency controlservices vendor).",
"modified": []
},
"citation": "53B.69",
"subdivision": "9"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.11"
],
"summary": "Repealed: 53B.69 Subdivision 11 (Virtual currency kiosk operator).",
"modified": []
},
"citation": "53B.69",
"subdivision": "11"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.12"
],
"summary": "Repealed: 53B.69 Subdivision 12 (Virtual currency kiosk transaction).",
"modified": []
},
"citation": "53B.69",
"subdivision": "12"
},
{
"analysis": {
"added": [],
"removed": [
"53B.69 Subd.13"
],
"summary": "Repealed: 53B.69 Subdivision 13 (Virtual currency wallet).",
"modified": []
},
"citation": "53B.69",
"subdivision": "13"
},
{
"analysis": {
"added": [],
"removed": [
"53B.70"
],
"summary": "Repealed: Section 53B.70 (SCOPE).",
"modified": []
},
"citation": "53B.70",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [
"53B.71"
],
"summary": "Repealed: Section 53B.71 (VIRTUAL CURRENCY BUSINESS ACTIVITY CONDITIONS PRECEDENT).",
"modified": []
},
"citation": "53B.71",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [
"53B.72"
],
"summary": "Repealed: Section 53B.72 (REQUIRED DISCLOSURES).",
"modified": []
},
"citation": "53B.72",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [
"53B.73"
],
"summary": "Repealed: Section 53B.73 (PROPERTY INTERESTS AND ENTITLEMENTS TO VIRTUAL CURRENCY).",
"modified": []
},
"citation": "53B.73",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [
"53B.74"
],
"summary": "Repealed: Section 53B.74 (VIRTUAL CURRENCY BUSINESS ACTIVITIES ADDITIONAL REQUIREMENTS).",
"modified": []
},
"citation": "53B.74",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [
"53B.75"
],
"summary": "Repealed: Section 53B.75 (VIRTUAL CURRENCY KIOSKS).",
"modified": []
},
"citation": "53B.75",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Federal reference: Electronic Fund Transfer Act of 1978; cross-reference to federal law governing transfers and related activities.",
"modified": []
},
"citation": "15 U.S.C. §§ 1693-1693r",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Federal reference: Securities Exchange Act of 1934; cross-reference to federal law governing securities activities.",
"modified": []
},
"citation": "15 U.S.C. §§ 78a-78oo",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Federal reference: Commodities Exchange Act of 1936; cross-reference to federal law governing commodities and related activities.",
"modified": []
},
"citation": "7 U.S.C. §§ 1-27f",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Federal reference: Investment Company Act (chapter 80A); cross-reference to federal law governing investment companies.",
"modified": []
},
"citation": "15 U.S.C. § 80a-1 et seq.",
"subdivision": ""
}
]Progress through the legislative process
In Committee