Florida Senate - 2026 SENATOR AMENDMENT
Bill No. CS for HB 505
Ì518110dÎ518110
LEGISLATIVE ACTION
Senate . House
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Floor: 1/AD/2R .
02/25/2026 05:22 PM .
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Senator Rouson moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Subsection (23) of section 560.103, Florida
6 Statutes, is amended, and subsections (37), (38), and (39) are
7 added to that section, to read:
8 560.103 Definitions.—As used in this chapter, the term:
9 (23) “Money services business” means any person located in
10 or doing business in this state, from this state, or into this
11 state from locations outside this state or country who acts as a
12 payment instrument seller, foreign currency exchanger, check
13 casher, or money transmitter, or virtual currency kiosk
14 business.
15 (37) “Virtual currency kiosk” means an electronic terminal
16 that acts as a mechanical agent of the kiosk business, enabling
17 the kiosk business to facilitate the exchange of virtual
18 currency for fiat currency or other virtual currency for a
19 customer.
20 (38) “Virtual currency kiosk business” or “kiosk business”
21 means a corporation, limited liability company, limited
22 liability partnership, or foreign entity qualified to do
23 business in this state which offers virtual currency kiosk
24 services to a customer in this state.
25 (39) “Virtual currency kiosk transaction” means the process
26 by which a customer uses a virtual currency kiosk to exchange
27 virtual currency for fiat currency or other virtual currency. A
28 transaction begins at the point at which the customer is able to
29 initiate a transaction after the customer is given the option to
30 select the type of transaction or account and does not include
31 any of the screens that display the required terms and
32 conditions, disclaimers, or attestations.
33 Section 2. Paragraph (b) of subsection (2) of section
34 560.105, Florida Statutes, is amended to read:
35 560.105 Supervisory powers; rulemaking.—
36 (2) The commission may adopt rules pursuant to ss.
37 120.536(1) and 120.54 to administer this chapter.
38 (b) Rules adopted to regulate money services businesses,
39 including deferred presentment providers and virtual currency
40 kiosk businesses, must be responsive to changes in economic
41 conditions, technology, and industry practices.
42 Section 3. Paragraph (w) of subsection (1) of section
43 560.114, Florida Statutes, is amended to read:
44 560.114 Disciplinary actions; penalties.—
45 (1) The following actions by a money services business,
46 authorized vendor, or affiliated party constitute grounds for
47 the issuance of a cease and desist order; the issuance of a
48 removal order; the denial, suspension, or revocation of a
49 license; or taking any other action within the authority of the
50 office pursuant to this chapter:
51 (w) Engaging or advertising engagement in the business of a
52 money services business or deferred presentment provider without
53 a license or registration, unless exempted from licensure or
54 registration.
55 Section 4. Section 560.125, Florida Statutes, is amended to
56 read:
57 560.125 Unlicensed or unregistered activity; penalties.—
58 (1) A person may not engage in the business of a money
59 services business or deferred presentment provider in this state
60 unless the person is licensed or registered, or exempted from
61 licensure or registration under this chapter. A deferred
62 presentment transaction conducted by a person not authorized to
63 conduct such transaction under this chapter is void, and the
64 unauthorized person has no right to collect, receive, or retain
65 any principal, interest, or charges relating to such
66 transaction.
67 (2) Only a money services business licensed under part II
68 of this chapter may appoint an authorized vendor. Any person
69 acting as a vendor for an unlicensed money transmitter or
70 payment instrument issuer becomes the principal thereof, and no
71 longer merely acts as a vendor, and is liable to the holder or
72 remitter as a principal money transmitter or payment instrument
73 seller.
74 (3) Any person whose substantial interests are affected by
75 a proceeding brought by the office pursuant to this chapter may,
76 pursuant to s. 560.113, petition any court of competent
77 jurisdiction to enjoin the person or activity that is the
78 subject of the proceeding from violating any of the provisions
79 of this section. For the purpose of this subsection, any money
80 services business licensed under this chapter, any person
81 residing in this state, and any person whose principal place of
82 business is in this state are presumed to be substantially
83 affected. In addition, the interests of a trade organization or
84 association are deemed substantially affected if the interests
85 of any of its members are affected.
86 (4) The office may issue and serve upon any person who
87 violates any of the provisions of this section a complaint
88 seeking a cease and desist order or impose an administrative
89 fine as provided in s. 560.114.
90 (5) A person who violates this section, if the violation
91 involves:
92 (a) Currency, monetary value, payment instruments, or
93 virtual currency of a value exceeding $300 but less than $20,000
94 in any 12-month period, commits a felony of the third degree,
95 punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
96 (b) Currency, monetary value, payment instruments, or
97 virtual currency of a value totaling or exceeding $20,000 but
98 less than $100,000 in any 12-month period, commits a felony of
99 the second degree, punishable as provided in s. 775.082, s.
100 775.083, or s. 775.084.
101 (c) Currency, monetary value, payment instruments, or
102 virtual currency of a value totaling or exceeding $100,000 in
103 any 12-month period, commits a felony of the first degree,
104 punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
105 (6) In addition to the penalties authorized by s. 775.082,
106 s. 775.083, or s. 775.084, a person who has been convicted of,
107 or entered a plea of guilty or nolo contendere to, having
108 violated this section may be sentenced to pay a fine of up to
109 the greater of $250,000 or twice the value of the currency,
110 monetary value, payment instruments, or virtual currency, except
111 that on a second or subsequent violation of this section the
112 fine may be up to the greater of $500,000 or quintuple the value
113 of the currency, monetary value, payment instruments, or virtual
114 currency.
115 (7) A person who violates this section is also liable for a
116 civil penalty of up to the greater of the value of the currency,
117 monetary value, payment instruments, or virtual currency
118 involved or $25,000.
119 (8) In any prosecution brought pursuant to this section,
120 the common law corpus delicti rule does not apply. The
121 defendant’s confession or admission is admissible during trial
122 without the state having to prove the corpus delicti if the
123 court finds in a hearing conducted outside the presence of the
124 jury that the defendant’s confession or admission is
125 trustworthy. Before the court admits the defendant’s confession
126 or admission, the state must prove by a preponderance of the
127 evidence that there is sufficient corroborating evidence that
128 tends to establish the trustworthiness of the statement by the
129 defendant. Hearsay evidence is admissible during the
130 presentation of evidence at the hearing. In making its
131 determination, the court may consider all relevant corroborating
132 evidence, including the defendant’s statements.
133 Section 5. Part V of chapter 560, Florida Statutes,
134 consisting of ss. 560.501-560.507, Florida Statutes, is created
135 and entitled “Virtual Currency Kiosk Businesses.”
136 Section 6. Section 560.501, Florida Statutes, is created to
137 read:
138 560.501 Definitions.—For purposes of this part, the term:
139 (1) “Blockchain” means a mathematically secured,
140 chronological, decentralized, distributed, and digital ledger or
141 database that consists of records of transactions that cannot be
142 altered retroactively.
143 (2) “Blockchain analytics” means the process of examining,
144 monitoring, and gathering insights from the data and transaction
145 patterns on a blockchain network. The primary aims of blockchain
146 analytics are to understand and monitor the network’s health,
147 track transaction flows, and identify potential security
148 threats, including illicit activity, in order to extract
149 actionable insights.
150 (3) “Daily transaction limit” means a new customer being
151 limited to no more than $2,000 in transactions per calendar day,
152 or an existing customer being limited to no more than $10,000 in
153 transactions per calendar day, whether through a single
154 transaction or multiple transactions or whether through one or
155 more virtual currency kiosks.
156 (4) “Existing customer” means a customer who has transacted
157 with a kiosk business on its virtual currency kiosk for 7 or
158 more days.
159 (5) “New customer” means a customer who has transacted with
160 a kiosk business on its virtual currency kiosk for fewer than 7
161 days.
162 (6) “Registrant” means a corporation, limited liability
163 company, limited liability partnership, or foreign entity
164 qualified to do business in this state which offers virtual
165 currency kiosk services and receives notice from the office that
166 the agency has granted an application for registration pursuant
167 to this part.
168 (7) “Transaction hash” means a unique identifier consisting
169 of a string of characters which provides a verifiable record
170 that a transaction has been confirmed and added to the
171 blockchain.
172 (8) “Wallet” means hardware or software that enables a
173 customer to store, use, send, receive, and spend virtual
174 currency or store virtual currency private keys or passcodes
175 enabling the same.
176 Section 7. Effective March 1, 2027, section 560.502,
177 Florida Statutes, is created to read:
178 560.502 Registration required; exemptions; penalties.—
179 (1) Except as provided in subsection (2), a virtual
180 currency kiosk business may not operate in this state without
181 first registering, or renewing its registration, in accordance
182 with s. 560.503. The office shall give written notice to each
183 applicant that the office has granted or denied the application
184 for registration.
185 (2) A money transmitter that is licensed as a money
186 services business pursuant to s. 560.141 and offers virtual
187 currency kiosk services is exempt from registration as a virtual
188 currency kiosk business but is subject to ss. 560.504, 560.505,
189 560.506, and 560.507.
190 (3) An entity, in the course of its business, may not act
191 as an intermediary with the ability to unilaterally execute or
192 indefinitely prevent a virtual currency kiosk transaction, or
193 otherwise meet the definition of a money transmitter as defined
194 in s. 560.103, without being licensed as a money services
195 business pursuant to s. 560.141.
196 (4) A virtual currency kiosk business registration issued
197 under this part is not transferable or assignable.
198 Section 8. Section 560.503, Florida Statutes, is created to
199 read:
200 560.503 Registration applications.—
201 (1) To apply to be registered as a virtual currency kiosk
202 business under this part, the applicant must submit all of the
203 following information to the office:
204 (a) A completed registration application on forms
205 prescribed by rule of the commission. The application must
206 include the following information:
207 1. The legal name, including any fictitious or trade name
208 used by the applicant in the conduct of its business, and the
209 physical and mailing addresses of the applicant.
210 2. The date of the applicant’s formation and the state in
211 which the applicant was formed, if applicable.
212 3. The name, social security number, alien identification
213 or taxpayer identification number, business and residence
214 addresses, and employment history for the past 5 years for each
215 control person as defined in s. 560.103.
216 4. A description of the organizational structure of the
217 applicant, including the identity of any parent or subsidiary of
218 the applicant, and the disclosure of whether any parent or
219 subsidiary is publicly traded.
220 5. The name and mailing address of the registered agent in
221 this state for service of process.
222 6. The physical address of the location of each virtual
223 currency kiosk through which the applicant proposes to conduct
224 or is conducting business in this state.
225 7. An attestation that the applicant has developed clearly
226 documented policies, processes, and procedures regarding the use
227 of blockchain analytics to prevent transfers to wallet addresses
228 linked to known criminal activity, including the manner in which
229 such blockchain analytics activity will integrate into its
230 compliance controls, and that the applicant will maintain and
231 comply with such blockchain analytics policies, processes, and
232 procedures.
233 8. Any other information as required by this chapter or
234 commission rule.
235 (b) Any information needed to resolve any deficiency found
236 in the application within a time period prescribed by rule.
237 (2) A virtual currency kiosk business operating in this
238 state on or before January 1, 2027, must submit a registration
239 application to the office within 30 days after that date.
240 (3) A registrant shall report, on a form prescribed by rule
241 of the commission, any change in the information contained in
242 the initial application form or an amendment thereto within 30
243 days after the change is effective.
244 (4) A registrant must renew its registration annually on or
245 before December 31 of the year preceding the expiration date of
246 the registration. To renew such registration, the registrant
247 must submit a renewal application that provides:
248 (a) The information required in paragraph (1)(a) if there
249 are changes in the application information, or an affidavit
250 signed by the registrant that the information remains the same
251 as the prior year’s information.
252 (b) Upon request by the office, evidence that the
253 registrant has been operating in compliance with ss. 560.504,
254 560.505, 560.506, and 560.507. Such evidence may be prescribed
255 by rule by the commission and may include, but need not be
256 limited to, all of the following:
257 1. Current disclosures presented to customers during the
258 transaction process.
259 2. Current use of blockchain analytics to prevent transfers
260 to wallet addresses linked to known criminal activity.
261 (5) A registrant that does not renew its registration by
262 December 31 of the year preceding expiration shall be made
263 inactive for 60 days. A registrant may not conduct business
264 while its registration is inactive.
265 (6) To renew an inactive registration, a registrant must,
266 within 60 days after the registration becomes inactive, submit
267 all of the following:
268 (a) The information required in paragraph (1)(a) if there
269 are changes in the application information, or an affidavit
270 signed by the registrant that the information remains the same
271 as the prior year’s information.
272 (b) Evidence that the registrant was operating in
273 compliance with ss. 560.504, 560.505, 560.506, and 560.507. Such
274 evidence may be prescribed by rule by the commission and may
275 include, but need not be limited to, all of the following:
276 1. Current disclosures presented to customers during the
277 transaction process.
278 2. Reports that confirm compliance with daily transaction
279 limits.
280 3. Copies of receipts provided to customers.
281 4. Records showing refunds provided to customers in
282 required circumstances.
283 5. Current use of blockchain analytics to prevent transfers
284 to wallet addresses linked to known criminal activity.
285
286 Any renewal registration made pursuant to this subsection
287 becomes effective upon the date the office approves the
288 application for registration. The office shall approve the
289 application for renewal registration within a timeframe
290 prescribed by rule.
291 (7) Except as provided in s. 560.502(2), failure to submit
292 an application to renew a virtual currency kiosk business’s
293 registration within 60 days after the registration becomes
294 inactive shall result in the registration becoming expired. If
295 the registration is expired, a new application to register the
296 virtual currency kiosk business pursuant to subsection (1) must
297 be submitted to the office and a certification of registration
298 must be issued by the office before the virtual currency kiosk
299 business may conduct business in this state.
300 (8) If a control person of a registrant or prospective
301 registrant has engaged in any unlawful business practice, or
302 been convicted or found guilty of, or pled guilty or nolo
303 contendere to, regardless of adjudication, a crime involving
304 dishonest dealing, fraud, acts of moral turpitude, or other acts
305 that reflect an inability to engage lawfully in the business of
306 a registered virtual currency kiosk business, the office may
307 deny the prospective registrant’s initial registration
308 application or the registrant’s renewal application.
309 (9) The office shall deny the application of a virtual
310 currency kiosk business that submits a renewal application and
311 fails to provide evidence of compliance upon request pursuant to
312 paragraph (4)(b) or as required in paragraph (6)(b).
313 (10) Any false statement made by a virtual currency kiosk
314 business in an application for registration under this section
315 renders the registration void. A void registration may not be
316 construed as creating a defense to any prosecution for violation
317 of this chapter.
318 Section 9. Section 560.504, Florida Statutes, is created to
319 read:
320 560.504 Disclosures.—Before a customer initiates a virtual
321 currency kiosk transaction, a virtual currency kiosk business
322 shall ensure that its virtual currency kiosk:
323 (1) Requires the customer to confirm whether the customer
324 has conducted any transaction at another virtual currency kiosk
325 on the same calendar day and the amount of any such transactions
326 to determine how much, if any, the customer may transact at the
327 virtual currency kiosk before reaching the appropriate daily
328 transaction limit.
329 (2) Clearly and conspicuously display the following
330 disclosure to the customer on the screen:
331
332 WARNING: FRAUD OFTEN STARTS WITH CONTACT FROM A
333 STRANGER. IF YOU HAVE BEEN DIRECTED TO THIS MACHINE BY
334 SOMEONE CLAIMING TO BE A GOVERNMENT AGENT, BILL
335 COLLECTOR, LAW ENFORCEMENT OFFICER, OR ANYONE YOU DO
336 NOT KNOW PERSONALLY, STOP THIS TRANSACTION IMMEDIATELY
337 AND CONTACT YOUR FINANCIAL ADVISOR OR LOCAL LAW
338 ENFORCEMENT.
339
340 Section 10. Section 560.505, Florida Statutes, is created
341 to read:
342 560.505 Transaction limits.—A virtual currency kiosk
343 business may not permit a new customer to transact more than
344 $2,000 per calendar day, whether through a single transaction or
345 multiple transactions or whether through one or more virtual
346 currency kiosks. A virtual currency kiosk business may not
347 permit an existing customer to transact more than $10,000 per
348 calendar day, whether through a single transaction or multiple
349 transactions or whether through one or more virtual currency
350 kiosks.
351 Section 11. Section 560.506, Florida Statutes, is created
352 to read:
353 560.506 Mandatory receipt.—Upon completion of a virtual
354 currency transaction, the virtual currency kiosk business shall
355 provide the customer with a choice of a physical or electronic
356 receipt that includes all of the following:
357 (1) The name and contact information of the virtual
358 currency kiosk business, including an e-mail address and a toll
359 free telephone number for such business.
360 (2) The date, time, amount of the transaction in United
361 States dollars, and type of transaction.
362 (3) The transaction hash and each wallet used.
363 (4) The total fee charged for the transaction.
364 (5) The exchange rate, if applicable.
365 (6) A statement of the virtual currency kiosk’s liability,
366 if any, for nondelivery or delayed delivery of the virtual
367 currency.
368 (7) The refund policy of the virtual currency kiosk
369 business.
370 Section 12. Section 560.507, Florida Statutes, is created
371 to read:
372 560.507 Mandatory refund.—A virtual currency kiosk business
373 must issue a full refund within 72 hours to a customer for the
374 customer’s first virtual currency transaction if all of the
375 following conditions are met:
376 (1) Within 60 days, the customer notifies the virtual
377 currency kiosk business and a law enforcement or governmental
378 agency regarding the fraudulent nature of the transaction.
379 (2) The customer provides proof of the alleged fraud to the
380 virtual currency kiosk business, such as a police report or a
381 notarized affidavit.
382 Section 13. Except as otherwise expressly provided in this
383 act, this act shall take effect January 1, 2027.
384
385 ================= T I T L E A M E N D M E N T ================
386 And the title is amended as follows:
387 Delete everything before the enacting clause
388 and insert:
389 A bill to be entitled
390 An act relating to virtual currency kiosks; amending
391 s. 560.103, F.S.; revising the definition of the term
392 “money services business”; defining terms; amending s.
393 560.105, F.S.; revising the requirements for certain
394 rules adopted by the Financial Services Commission;
395 amending s. 560.114, F.S.; revising the actions by
396 money services businesses, authorized vendors, or
397 affiliated parties which constitute grounds for
398 disciplinary action; amending s. 560.125, F.S.;
399 prohibiting persons from engaging in certain business
400 unless they are registered or exempt from
401 registration; creating part V of ch. 560, F.S.,
402 entitled “Virtual Currency Kiosk Businesses”; creating
403 s. 560.501, F.S.; defining terms; creating s. 560.502,
404 F.S.; prohibiting a virtual currency kiosk business
405 from operating in this state without registering or
406 renewing its registration; requiring the Office of
407 Financial Regulation to give a specified notice to
408 applicants; specifying that certain money transmitters
409 are exempt from registration as a virtual currency
410 kiosk business but are subject to certain provisions;
411 prohibiting certain entities from performing certain
412 actions without being licensed as a money services
413 business; specifying that virtual currency kiosk
414 business registrations are not transferable or
415 assignable; creating s. 560.503, F.S.; requiring
416 applicants to submit certain information to the office
417 to be registered as a virtual currency kiosk business;
418 requiring certain virtual currency kiosk businesses to
419 submit a registration application to the office by a
420 specified date; requiring registrants to report a
421 change in the information within a specified
422 timeframe; requiring registrants to renew their
423 registration annually; specifying requirements for a
424 renewal application; requiring registrants to be made
425 inactive for a specified timeframe under certain
426 circumstances; prohibiting registrants from conducting
427 business while registration is inactive; specifying
428 requirements for registrants to renew an inactive
429 registration; providing that a renewal registration
430 becomes effective on a specified date; requiring the
431 office to approve applications for renewal
432 registration within a specified timeframe; providing
433 that a registration expires under certain
434 circumstances; providing requirements if a
435 registration expires; authorizing the office to deny
436 certain applications under certain circumstances;
437 providing that certain false statements made by a
438 virtual currency kiosk business render its
439 registration void; providing construction; creating s.
440 560.504, F.S.; requiring a virtual currency kiosk
441 business to ensure that its virtual currency kiosk
442 requires certain attestations from the customer and
443 displays a certain disclosure; creating s. 560.505,
444 F.S.; prohibiting a virtual currency kiosk business
445 from permitting new or existing customers from
446 transacting more than specified dollar amounts per
447 calendar day; creating s. 560.506, F.S.; requiring a
448 virtual currency kiosk business to provide a customer
449 with a specified physical or electronic receipt upon
450 completion of a virtual currency transaction; creating
451 s. 560.507, F.S.; requiring a virtual currency kiosk
452 business to issue a full refund under certain
453 circumstances; providing effective dates.