SB 198 — Virtual Currency Kiosks

(w) Engaging or advertising engagement in the business of a money services business or deferred presentment provider without Page 4 of 16 CODING:

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 a license or registration, unless exempted from licensure or registration.

Section 4.

Section 560.125, Florida Statutes, is amended to read:

560.125 Unlicensed or unregistered activity;

penalties.— (1) A person may not engage in the business of a money services business or deferred presentment provider in this state unless the person is licensed or registered, or exempted from licensure or registration under this chapter.

A deferred presentment transaction conducted by a person not authorized to conduct such transaction under this chapter is void, and the unauthorized person has no right to collect, receive, or retain any principal, interest, or charges relating to such transaction.

(2) Only a money services business licensed under part II of this chapter may appoint an authorized vendor.

Any person acting as a vendor for an unlicensed money transmitter or payment instrument issuer becomes the principal thereof, and no longer merely acts as a vendor, and is liable to the holder or remitter as a principal money transmitter or payment instrument seller.

(3) Any person whose substantial interests are affected by a proceeding brought by the office pursuant to this chapter may, pursuant to s.

560.113, petition any court of competent jurisdiction to enjoin the person or activity that is the subject of the proceeding from violating any of the provisions of this section.

For the purpose of this subsection, any money services business licensed under this chapter, any person residing in this state, and any person whose principal place of Page 5 of 16 CODING:

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 business is in this state are presumed to be substantially affected.

In addition, the interests of a trade organization or association are deemed substantially affected if the interests of any of its members are affected.

(4) The office may issue and serve upon any person who violates any of the provisions of this section a complaint seeking a cease and desist order or impose an administrative fine as provided in s.

560.114.

(5) A person who violates this section, if the violation involves:

(a) Currency, monetary value, payment instruments, or virtual currency of a value exceeding $300 but less than $20,000 in any 12-month period, commits a felony of the third degree, punishable as provided in s.

775.082, s.

775.083, or s.

775.084.

(b) Currency, monetary value, payment instruments, or virtual currency of a value totaling or exceeding $20,000 but less than $100,000 in any 12-month period, commits a felony of the second degree, punishable as provided in s.

775.082, s.

775.083, or s.

775.084.

(c) Currency, monetary value, payment instruments, or virtual currency of a value totaling or exceeding $100,000 in any 12-month period, commits a felony of the first degree, punishable as provided in s.

775.082, s.

775.083, or s.

775.084.

(6) In addition to the penalties authorized by s.

775.082, s.

775.083, or s.

775.084, a person who has been convicted of, or entered a plea of guilty or nolo contendere to, having violated this section may be sentenced to pay a fine of up to the greater of $250,000 or twice the value of the currency, monetary value, payment instruments, or virtual currency, except Page 6 of 16 CODING:

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 that on a second or subsequent violation of this section the fine may be up to the greater of $500,000 or quintuple the value of the currency, monetary value, payment instruments, or virtual currency.

(7) A person who violates this section is also liable for a civil penalty of up to the greater of the value of the currency, monetary value, payment instruments, or virtual currency involved or $25,000.

(8) In any prosecution brought pursuant to this section, the common law corpus delicti rule does not apply.

The defendant’s confession or admission is admissible during trial without the state having to prove the corpus delicti if the court finds in a hearing conducted outside the presence of the jury that the defendant’s confession or admission is trustworthy.

Before the court admits the defendant’s confession or admission, the state must prove by a preponderance of the evidence that there is sufficient corroborating evidence that tends to establish the trustworthiness of the statement by the defendant.

Hearsay evidence is admissible during the presentation of evidence at the hearing.

In making its determination, the court may consider all relevant corroborating evidence, including the defendant’s statements.

Section 5.

560.501-560.507, Florida Statutes, is created and entitled “Virtual Currency Kiosk Businesses.” Section 6.4.

(1) “Blockchain” means a mathematically secured, Pagechronological, 7decentralized, distributed, and digital ledger or database that consists of 16records CODING:of transactions that cannot be altered retroactively.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 chronological, decentralized, distributed, and digital ledger or database that consists of records of transactions that cannot be altered retroactively.

(3)Page “Daily4 transactionof limit”13 meansCODING: a new customer being limited to no more than $2,000 in transactions per calendar day, or an existing customer being limited to no more than $10,000 in transactions per calendar day, whether through a single transaction or multiple transactions or whether through one or more virtual currency kiosks.

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 (3) “Daily transaction limit” means a new customer transaction of no more than $2,000 per calendar day, or an existing customer transaction of no more than $10,000 per calendar day, whether through a single transaction or multiple transactions or whether through one or more virtual currency kiosks.

(7) “Transaction hash” means a unique identifier consisting Pageof 8a string of 16characters CODING:which provides a verifiable record that a transaction has been confirmed and added to the blockchain.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 of a string of characters which provides a verifiable record that a transaction has been confirmed and added to the blockchain.

Section 7.5.

penalties.— (1)Page Except5 asof provided13 inCODING: subsection (2), a virtual currency kiosk business may not operate in this state without first registering, or renewing its registration, in accordance with s.

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 (1) Except as provided in subsection (2), a virtual currency kiosk business may not operate in this state without first registering, or renewing its registration, in accordance with s.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 Section 8.

The legal name, including any fictitious or trade names usedPage by6 the applicant in the conduct of its13 business,CODING: and the physical and mailing addresses of the applicant.

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 used by the applicant in the conduct of its business, and the physical and mailing addresses of the applicant.

An attestation that the applicant has developed clearly documented policies, processes, and procedures regarding the use Pageof 10blockchain ofanalytics 16to CODING:prevent transfers to wallet addresses linked to known criminal activity, including the manner in which such blockchain analytics activity will integrate into its compliance controls, and that the applicant will maintain and comply with such blockchain analytics policies, processes, and procedures.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 of blockchain analytics to prevent transfers to wallet addresses linked to known criminal activity, including the manner in which such blockchain analytics activity will integrate into its compliance controls, and that the applicant will maintain and comply with such blockchain analytics policies, processes, and procedures.

(b) Any information needed to resolve any deficiencies found in the application within a time period prescribed by rule.Page 7 of 13 CODING:

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 rule.

(3) A registrant shall report, on a form prescribed by rule of the commission, any change in the information contained in thean initial application form or an amendment thereto within 30 days after the change is effective.

Such evidence may be prescribed Pageby 11rule by the commission and may include, but need not be limited to, all of 16the CODING:following:

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 by rule by the commission and may include, but need not be limited to, all of the following:

(6)Page To8 renew an inactive registration, a registrant must, within 60 days after the registration becomes inactive, submit all of the13 following:CODING:

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 (6) To renew an inactive registration, a registrant must, within 60 days after the registration becomes inactive, submit all of the following:

Current use of blockchain analytics to prevent transfers Pageto 12wallet ofaddresses 16linked CODING:to known criminal activity.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 to wallet addresses linked to known criminal activity.

560.502(2), failure to submit an application to renew a virtual currency kiosk business’s registration within 60 days after the registration becomes inactivePage shall9 resultof in13 theCODING: registration becoming expired.

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 inactive shall result in the registration becoming expired.

Page(10) 13Any offalse 16statement CODING:made by a virtual currency kiosk business in an application for registration under this section renders the registration void.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26 2026198c2 (10) Any false statement made by a virtual currency kiosk business in an application for registration under this section renders the registration void.

Section 9.7.

560.504 Disclosures.—Before a customer initiates a virtual currency kiosk transaction, athe virtual currency kiosk business must ensure that itsthe virtual currency kiosk:

(1)Page Requires10 the customer to confirm whether the customer has conducted any transactions at another virtual currency kiosk on the same calendar day and any amount of such13 transactionsCODING: to determine how much, if any, the customer may transact at the virtual currency kiosk before reaching the appropriate daily transaction limit.

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Florida Senate - 2026 CS for SB 198 597-02288-26 2026198c1 (1) Requires the customer to confirm whether the customer has conducted any transactions at another virtual currency kiosk on the same calendar day and any amount of such transactions to determine how much, if any, the customer may transact at the virtual currency kiosk before reaching the daily transaction limit.

Section 10.8.

Page560.505 14Transaction oflimits.—A 16virtual CODING:currency kiosk business may not permit a new customer to transact more than $2,000 per calendar day, whether through a single transaction or multiple transactions or whether through one or more virtual currency kiosks.

A virtual currency kiosk business may not permit an existing customer to transact more than $10,000 per calendar day, whether through a single transaction or multiple transactions or whether through one or more virtual currency kiosks.

Section 9.

Section 560.506, Florida Statutes, is created to Page 11 of 13 CODING:

Florida Senate - 2026 CS for CS for SB 198 595-02678-26597-02288-26 2026198c22026198c1 560.505read: Transaction limits.—A virtual currency kiosk business may not permit a new customer to transact more than $2,000 per calendar day, whether through a single transaction or multiple transactions or whether through one or more virtual currency kiosks.

A560.506 virtualMandatory currencyreceipt.—Upon kioskcompletion businessof maya notvirtual permitcurrency antransaction, existingthe customervirtual tocurrency transactkiosk morebusiness thanmust $10,000provide perthe calendarcustomer day,with whetheran throughelectronic areceipt singlethat transactionincludes orall multipleof transactionsthe orfollowing: whether through one or more virtual currency kiosks.

Section 11.

Section 560.506, Florida Statutes, is created to read:

560.506 Mandatory receipt.—Upon completion of a virtual currency transaction, the virtual currency kiosk business must provide the customer with a choice of a physical or electronic receipt that includes all of the following:

(2) The date, time, amount of the transaction in United States dollars, and type of the transaction.

Section 12.10.

Section 560.507, Florida Statutes, is created Pageto 15read: of 16 CODING:

560.507 Mandatory refund.—A virtual currency kiosk business must issue a full refund within 72 hours to a customer for the customer’s first virtual currency transaction if all of the following conditions are met:

(1) The customer transferred virtual currency to a wallet or exchange located outside the United States.

(2) Within 60 days, the customer notifies the virtual currency kiosk business and a law enforcement or governmental agency regarding the fraudulent nature of the transaction.

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Florida Senate - 2026 CS for CS for SB 198 595-02678-26597-02288-26 2026198c22026198c1 (3) The customer provides proof of the alleged fraud to read:the virtual currency kiosk business, such as a police report or a notarized affidavit.

560.507Section Mandatory11. refund.—A virtual currency kiosk business must issue a full refund within 72 hours to a customer for the customer’s first virtual currency transaction if all of the following conditions are met:

(1) Within 60 days, the customer notifies the virtual currency kiosk business and a law enforcement or governmental agency regarding the fraudulent nature of the transaction.

(2) The customer provides proof of the alleged fraud to the virtual currency kiosk business, such as a police report or a notarized affidavit.

Section 13.

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