Florida SB 198: Water Resources Management

Bill Text

198 
Virtual Currency Kiosks 
2026-02-12T04:41:39Z 
Revising the definition of the term “money services business”; revising the requirements for certain rules adopted by the Financial Services Commission; revising the actions by money services businesses, authorized vendors, or affiliated parties which constitute grounds for disciplinary action; prohibiting persons from engaging in certain business unless they are registered or exempt from registration; prohibiting a virtual currency kiosk business from operating in this state without registering or renewing its registration, etc. 
Committee Substitute 2 
2026 
S 
GB 
General Bill 
c2 

 Florida Senate - 2026 CS for CS for SB 198 

 By the Committees on Rules; and Banking and Insurance; and 
 Senators Rouson and Arrington 

 595-02678-26 2026198c2 
 1 A bill to be entitled 
 2 An act relating to virtual currency kiosks; amending 
 3 s. 560.103, F.S.; revising the definition of the term 
 4 “money services business”; defining terms; amending s. 
 5 560.105, F.S.; revising the requirements for certain 
 6 rules adopted by the Financial Services Commission; 
 7 amending s. 560.114, F.S.; revising the actions by 
 8 money services businesses, authorized vendors, or 
 9 affiliated parties which constitute grounds for 
 10 disciplinary action; amending s. 560.125, F.S.; 
 11 prohibiting persons from engaging in certain business 
 12 unless they are registered or exempt from 
 13 registration; creating part V of ch. 560, F.S., 
 14 entitled “Virtual Currency Kiosk Businesses”; creating 
 15 s. 560.501, F.S.; defining terms; creating s. 560.502, 
 16 F.S.; prohibiting a virtual currency kiosk business 
 17 from operating in this state without registering or 
 18 renewing its registration; requiring the Office of 
 19 Financial Regulation to give a specified notice to 
 20 applicants; specifying that certain money transmitters 
 21 are exempt from registration as a virtual currency 
 22 kiosk business but are subject to certain provisions; 
 23 prohibiting certain entities from performing certain 
 24 actions without being licensed as a money services 
 25 business; specifying that virtual currency kiosk 
 26 business registrations are not transferable or 
 27 assignable; creating s. 560.503, F.S.; requiring 
 28 applicants to submit certain information to the office 
 29 to be registered as a virtual currency kiosk business; 
 30 requiring certain virtual currency kiosk businesses to 
 31 submit a registration application to the office by a 
 32 specified date; requiring registrants to report a 
 33 change in the information within a specified 
 34 timeframe; requiring registrants to renew their 
 35 registration annually; specifying requirements for a 
 36 renewal application; requiring registrants to be made 
 37 inactive for a specified timeframe under certain 
 38 circumstances; prohibiting registrants from conducting 
 39 business while registration is inactive; specifying 
 40 requirements for registrants to renew an inactive 
 41 registration; providing that a renewal registration 
 42 becomes effective on a specified date; requiring the 
 43 office to approve applications for renewal 
 44 registration within a specified timeframe; providing 
 45 that a registration expires under certain 
 46 circumstances; providing requirements if a 
 47 registration expires; authorizing the office to deny 
 48 certain applications under certain circumstances; 
 49 providing that certain false statements made by a 
 50 virtual currency kiosk business render its 
 51 registration void; providing construction; creating s. 
 52 560.504, F.S.; requiring a virtual currency kiosk 
 53 business to ensure that its virtual currency kiosk 
 54 requires certain attestations from the customer and 
 55 displays a certain disclosure; creating s. 560.505, 
 56 F.S.; prohibiting a virtual currency kiosk business 
 57 from permitting new or existing customers from 
 58 transacting more than specified dollar amounts per 
 59 calendar day; creating s. 560.506, F.S.; requiring a 
 60 virtual currency kiosk business to provide a customer 
 61 with a specified physical or electronic receipt upon 
 62 completion of a virtual currency transaction; creating 
 63 s. 560.507, F.S.; requiring a virtual currency kiosk 
 64 business to issue a full refund under certain 
 65 circumstances; providing effective dates. 
 66 
 67 Be It Enacted by the Legislature of the State of Florida: 
 68 
 69 Section 1. Subsection (23) of section 560.103, Florida 
 70 Statutes, is amended, and subsections (37), (38), and (39) are 
 71 added to that section, to read: 
 72 560.103 Definitions.—As used in this chapter, the term: 
 73 (23) “Money services business” means any person located in 
 74 or doing business in this state, from this state, or into this 
 75 state from locations outside this state or country who acts as a 
 76 payment instrument seller, foreign currency exchanger, check 
 77 casher, or money transmitt