§ 12–1201
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.