# Financial Institutions (GFI)

## Title 12. Miscellaneous Institutions and Activities

### Subtitle 12. Virtual Currency Kiosks

#### Section 12-1201

(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 Sec. 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 Sec. 12-401(p) of this title; or

    (ii) Accepting or dispensing cash in connection with a credit, deposit, or convenience account.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)