Title 12. Miscellaneous Institutions and Activities — Subtitle 12. Virtual Currency Kiosks
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-1201 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1201LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Experienced user” means a person that is not a new user.
(c)
“New user” means a person that is transacting with a virtual currency kiosk operator:
(1)
For the first time; or
(2)
Anytime in the 72 hours immediately following the person’s first transaction with the virtual currency kiosk operator.
(d)
(1)
“Virtual currency” means a digital representation of value that:
(i)
Is used as a medium of exchange, unit of account, or store of value; and
(ii)
Is not currency, as defined in § 12–802 of this title.
(2)
“Virtual currency” does not include:
(i)
A digital representation of value that can be redeemed for:
(1)
Goods, services, discounts, or purchases solely as part of a customer affinity or rewards program with the issuing merchant or other designated merchants, or both; or
(2)
Digital units in another customer affinity or rewards program that may not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; or
(ii)
A digital representation of value issued by or on behalf of a publisher that:
(1)
Is used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform;
(2)
Has no market or application outside of the online game, game platform, or family of games;
(3)
May not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; and
(4)
May or may not be redeemable for real–world goods, services, discounts, or purchases.
(e)
“Virtual currency kiosk” means a stand–alone automated platform through which a consumer may deposit or receive cash or use a credit or debit card to obtain virtual currency services.
(f)
“Virtual currency kiosk operator” or “operator” means:
(1)
A person who owns or operates a virtual currency kiosk in the State; or
(2)
A person who installs or operates software that enables a stand–alone automated device to provide virtual currency services in the State.
(g)
(1)
“Virtual currency service” means:
(i)
The conversion of a virtual currency to another form of virtual currency; or
(ii)
The purchase, sale, exchange, swap, or transfer of virtual currency by any means.
(2)
“Virtual currency service” includes any other activity that the Commissioner identifies as a virtual currency service by regulation.
(3)
“Virtual currency service” does not include:
(i)
Money transmission, as defined in § 12–401(p) of this title; or
(ii)
Accepting or dispensing cash in connection with a credit, deposit, or convenience account.
Md. Code Ann., Fin. Inst. § 12-1202 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1202LinkCopy Citation
This subtitle applies to a virtual currency kiosk operator.
Md. Code Ann., Fin. Inst. § 12-1203 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1203LinkCopy Citation
(a)
Beginning January 1, 2026, a virtual currency kiosk operator shall register a virtual currency kiosk with the Commissioner before operating the virtual currency kiosk in the State.
(b)
An application for registration shall include:
(1)
The name of the virtual currency kiosk operator;
(2)
The address of the virtual currency kiosk operator;
(3)
Unique identifying information for the virtual currency kiosk, such as the manufacturer name, model number, serial number, or asset tag;
(4)
If the virtual currency kiosk operator intends to operate the virtual currency kiosk from any fixed location for more than 30 days in a calendar year, each physical address where the virtual currency kiosk will be operated;
(5)
If the virtual currency kiosk operator intends to operate the virtual currency kiosk at any location for 30 days or less in a calendar year, the geographic area where the licensee intends to operate the virtual currency kiosk; and
(6)
Any other information that the Commissioner requires by regulation.
(c)
A virtual currency kiosk operator:
(1)
Shall renew the registration on an annual basis; and
(2)
May be required to pay a fee at the time of renewal.
(d)
The Commissioner may adopt and enforce:
(1)
Registration procedures for virtual currency kiosks, which may include the use of NMLS;
(2)
Registration fees for virtual currency kiosks, which may include fees for the use of NMLS, to be paid directly by the virtual currency kiosk operator;
(3)
Procedures and fees for renewing a virtual currency kiosk’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the virtual currency kiosk operator;
(4)
Regulations regarding the lighting and safety of virtual currency kiosk locations; and
(5)
Regulations regarding appropriate signage to clearly identify a kiosk as a virtual currency kiosk.
Md. Code Ann., Fin. Inst. § 12-1204 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1204LinkCopy Citation
(a)
A virtual currency kiosk operator shall ensure that the virtual currency kiosk does not, in connection with virtual currency services for a single person in the State using one or more virtual currency kiosks, accept or dispense in a single day an amount of cash, including value downloaded through prepaid access, as defined in § 12–401 of this title, or the equivalent in credit that exceeds:
(1)
For a new user, $2,000; or
(2)
For an experienced user, $10,500.
(b)
A virtual currency kiosk operator:
(1)
May not impose a fee in excess of the greater of:
(i)
$5; or
(ii)
15% of the amount of a virtual currency service transaction; and
(2)
Shall refund any fee imposed on a transaction that is verified as fraudulent in a manner established by the Commissioner through regulation.
(c)
A virtual currency kiosk operator shall collect the following information from a person before accepting cash or credit in connection with a virtual currency service from the person:
(1)
Name;
(2)
Date of birth;
(3)
Mailing address;
(4)
Electronic mail address;
(5)
Phone number; and
(6)
A copy of the person’s government–issued identification.
(d)
At the end of a virtual currency transaction, the virtual currency kiosk operator shall dispense or display a receipt that includes:
(1)
The type of virtual currency sold or purchased;
(2)
The value of the virtual currency sold or purchased, including the requisite exchange rate for the virtual currency;
(3)
The date and time of the transaction;
(4)
Identifying information for the virtual currency kiosk;
(5)
The toll–free number for customer support; and
(6)
Any other information that the Commissioner requires through regulation.
Md. Code Ann., Fin. Inst. § 12-1205 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1205LinkCopy Citation
(a)
A virtual currency kiosk operator shall ensure that a virtual currency kiosk displays on–screen disclosures before each virtual currency service transaction that disclose all material risks generally associated with virtual currency in clear and conspicuous language.
(b)
The on–screen disclosures shall include:
(1)
A schedule of fees and charges that may be assessed;
(2)
The statement:
“Virtual currency is not money or legal tender and is not backed or insured by the government. Virtual currency accounts and value balances are not subject to any protections from the Federal Deposit Insurance Corporation, National Credit Union Administration, or Securities Investor Protection Corporation.”;
(3)
The statement:
“WARNING: losses due to fraudulent or accidental virtual currency transactions may not be recoverable and transactions in virtual currency are irreversible. Virtual currency transactions may be used by scammers impersonating loved ones, threatening jail time, and insisting you withdraw money from your bank account to purchase virtual currency.”;
(4)
The contact information for the virtual currency kiosk operator, including the operator’s name, phone number, address, and hours of operation;
(5)
The current exchange rates for each type of virtual currency eligible to be sold or purchased at the virtual currency kiosk; and
(6)
Any other information that the Commissioner requires by regulation.
(c)
The virtual currency operator shall ensure that a person using the operator’s virtual currency kiosk is required to acknowledge and accept each disclosure before the person may receive virtual currency services.
(d)
The Commissioner shall adopt regulations establishing the minimum amount of time that each disclosure must remain on the screen before advancing.
Md. Code Ann., Fin. Inst. § 12-1206 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1206LinkCopy Citation
A virtual currency operator shall maintain live customer support that, at a minimum, is:
(1)
Reachable by telephone at a toll–free number; and
(2)
Available Monday through Friday between 8 a.m. and 6 p.m.
Md. Code Ann., Fin. Inst. § 12-1207 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1207LinkCopy Citation
A virtual currency kiosk operator shall ensure that the virtual currency kiosk:
(1)
Operates solely for the purpose of virtual currency services; and
(2)
Does not operate or provide the same services as an automated teller machine as defined under § 1–401 of this article.
Md. Code Ann., Fin. Inst. § 12-1208 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1208LinkCopy Citation
(a)
The Commissioner may use the investigative and enforcement powers under §§ 2–113 through 2–116 of this article to enforce this subtitle.
(b)
(1)
Subject to paragraphs (2) and (3) of this subsection, the Commissioner may impose the penalties under §§ 2–113 through 2–116 of this article for a violation of this subtitle.
(2)
The Commissioner may assess against a virtual currency kiosk operator a civil penalty not exceeding $1,000 for each knowing and willful violation of this subtitle.
(3)
Each day that a violation occurs or continues is a separate violation.
Md. Code Ann., Fin. Inst. § 12-1209 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 12. Virtual Currency Kiosks
§ 12–1209LinkCopy Citation
The Commissioner shall adopt regulations to carry out this subtitle.