SB386

Wisconsin Senate Bill 386 (2025-26) would require anyone operating a virtual currency kiosk—machines where customers can exchange cash for cryptocurrency or vice versa—to first be licensed as a money transmitter. It mandates prominent fraud alert warnings on both the kiosk’s front and its screen, which users must acknowledge before transacting. Operators must collect extensive personal details and government-issued ID before a customer’s first transaction, and for each transaction, re-verify identity and photograph the customer. The bill caps transactions at $1,000 per customer per day, limits fees to the greater of $5 or 3%, and requires full refunds if customers report, within 30 days, that they were fraudulently induced to transact and notify both the operator and law enforcement.