Cryptocurrency kiosk regulation approved

A measure that makes operators of controllable electronic records, such as cryptocurrency, subject to regulation under the Nebraska Money Transmitters Act was given final approval March 6.

LB609, sponsored by Sen. Eliot Bostar of Lincoln, requires controllable electronic records kiosks to be licensed and submit quarterly reports to the Nebraska Department of Banking and Finance.

Among other provisions, the bill also requires operators to:
• provide risk, fee and exchange rate disclosures;
• create and implement anti-fraud measures;
• offer refunds for fraudulent transactions;
• provide consumer warning; and
• abide by certain transaction limits.

LB609 also adds controllable electronic records as a type of property that may be seized in criminal investigations. Lawmakers passed the measure on a 48-0 vote.