Washington HB 1268: Clarifying the authority of local governments to administer national flood insurance program regulation requirements in the context of fish habitat enhancement projects authorized pursuant to RCW 77.55.181.

Bill Text

AN ACT Relating to virtual currency transaction kiosks; amending 1
RCW 19.230.030, 19.230.370, and 19.230.010; adding new sections to 2
chapter 19.230 RCW; prescribing penalties; and providing an effective 3
date.4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:5
Sec. 1. RCW 19.230.030 and 2017 c 30 s 3 are each amended to 6
read as follows:7
(1) A person may not engage in the business of money 8
transmission, or advertise, solicit, or hold itself out as providing 9
money transmission, unless the person is:10
(a) Licensed as a money transmitter under this chapter;11
(b) An authorized delegate of a person licensed as a money 12
transmitter under this chapter; or13
(c) Excluded under RCW 19.230.020.14
(2) A money transmitter license is not transferable or 15
assignable.16
(3) A person who owns, operates, solicits, markets, advertises, 17
or facilitates virtual currency transaction kiosks in this state is 18
deemed to be engaged in the business of money transmission in this 19
state and is subject to licensure under this chapter. A person 20
operating a virtual currency transaction kiosk outside of a license 21
H-0392.1
HOUSE BILL 1268
State of Washington 69th Legislature 2025 Regular Session
By Representatives Hackney and Ryu
Read first time 01/14/25. Referred to Committee on Consumer
Protection & Business.
p. 1 HB 1268

is considered in violation of this chapter and subject to penalties 1
as determined by the director.2
(4) Not later than 15 days after the date a virtual currency 3
licensee ceases to engage in the business of money transmission in 4
this state for any reason, including a business decision to terminate 5
operations in this state, license revocation, bankruptcy, or 6
voluntary dissolution, such licensee must request surrender of the 7
license for each location where such licensee has ceased to engage in 8
such business. The licensee must also identify, in writing, to the 9
director the location where the records of the licensee will be 10
stored and the name, address, and telephone number of an individual 11
authorized to provide access to the records. The surrender of a 12
license does not reduce or eliminate the licensee's civil or criminal 13
liability arising from actions undertaken by the director to revoke 14
or suspend a license, assess a civil penalty, order restitution, or 15
exercise any authority of the director.16
Sec. 2. RCW 19.230.370 and 2017 c 30 s 21 are each amended to 17
read as follows:18
(1) Virtual currency licensees must provide to any person seeking 19
to use the licensee's products or services the disclosures required 20
by subsections (2) through (6) of this section.21
(2) As applicable, virtual currency licensees must make the 22
following disclosures:23
(a) A schedule of all fees and charges the licensee may assess on 24
a transaction, how the fees and charges will be calculated if not set 25
in advance and disclosed, and the timing of the fees and charges.26
(b) Whether the product or service provided is insured or 27
guaranteed by an agency of the United States, such as the federal 28
deposit insurance corporation or the securities investor protection 29
corporation or by private insurance against theft or loss, including 30
cybertheft or theft by other means.31
(c) A notice that the transfer of virtual currency or digital 32
units is irrevocable and any exception to the irrevocability of 33
transfer.34
(((d) A notice describing the licensee's liability for 35
unauthorized, mistaken, or accidental transfers and, describing the 36
user's responsibility for providing notice of such mistake to the 37
licensee and of general error-resolution rights applicable to any 38
transaction.))39
p. 2 HB 1268

(3) Separate and in addition to the disclosures required under 1
subsections (2), (4), and (5) of this section, before entering into a 2
virtual currency transaction for, on behalf of, or with a person, a 3
virtual currency transaction kiosk operator must disclose all 4
material risks generally associated with virtual currency. The 5
disclosure must be displayed on the screen of the virtual currency 6
transaction kiosk with the ability for a person to acknowledge the 7
receipt of the disclosures. The disclosures must include at least the 8
following information:9
(a) Virtual currencies are not backed or insured by the 10
government, and accounts and value balances are not subject to 11
federal deposit insurance corporation, national credit union 12
administration, securities investor protection, or corporation 13
protections;14
(b) Some virtual currency transactions are deemed to be made when 15
recorded on a public ledger, which may not be the date or time when 16
the person initiates the transaction;17
(c) The value of a virtual currency may be derived from market 18
participants continued willingness to exchange fiat currency for 19
virtual currency, which may result in the permanent and total loss of 20
a particular virtual currency's value if the market f