Minnesota Session Laws - 2026 Regular Session

CHAPTER 65--S.F.No. 3868

An act

relating to commerce; prohibiting virtual currency kiosks; providing for customer payouts;

amending Minnesota Statutes 2024, section 53B.69, subdivision 10; proposing coding for new law in Minnesota Statutes, chapter 53B; repealing Minnesota Statutes 2024, sections 53B.69, subdivisions 3b, 3c; 53B.75, subdivisions 1, 2, 3, 4, 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 53B.69, subdivision 10, is amended to read:

Subd. 10.

Virtual currency kiosk.

"Virtual currency kiosk" means an electronic terminal acting as a mechanical agent new text begin or a person acting on behalf new text end of the virtual currency kiosk operator to enable the virtual currency kiosk operator to facilitate the exchange of virtual currency for money, bank credit, or other virtual currency, including but not limited to by (1) connecting directly to a separate virtual currency exchanger that performs the actual virtual currency transmission, or (2) drawing upon the virtual currency in the possession of the electronic terminal's operator.

Sec. 2.

new text begin [53B.751] VIRTUAL CURRENCY KIOSKS; PROHIBITION. new text end

new text begin Subdivision 1. new text end

new text begin Virtual currency kiosks prohibited. new text end

new text begin (a) Beginning August 1, 2026, a person is prohibited from installing, operating, maintaining, or making available for use a virtual currency kiosk. new text end

new text begin (b) On or before December 31, 2026, a virtual currency kiosk operator must remove the virtual currency kiosk from any location where the virtual currency kiosk is visible or accessible to the public. new text end

new text begin Subd. 2. new text end

new text begin Payout. new text end

new text begin (a) On or before December 31, 2026, a virtual currency kiosk operator that conducts virtual currency transactions exclusively through a virtual currency kiosk must pay out any money or virtual currency held for or owed to a new or existing customer that exists as a result of virtual currency kiosk transactions. new text end

new text begin (b) A new or existing customer may elect, at any time before December 31, 2026, to receive a payout under this subdivision: new text end

new text begin (1) in United States dollars, in an amount equal to the market value of the customer's virtual currency plus any fiat currency; or new text end

new text begin (2) to a virtual currency wallet designated by the customer. new text end

new text begin (c) A virtual currency kiosk operator must make a payout under this subdivision in the manner elected by a new or existing customer under paragraph (b). If a new or existing customer elects the option under paragraph (b), clause (2), the virtual currency kiosk operator must transfer the full amount of the money and virtual currency being held for or owed to the new or existing customer to the customer's designated virtual currency wallet within 30 days of the date the customer submits the payout request. new text end

new text begin (d) A payout to a new or existing customer must be recorded on the applicable blockchain. A virtual currency kiosk operator must retain proof that a transfer was made and must make retained proof available to the commissioner upon request. new text end

new text begin Subd. 3. new text end

new text begin Exception. new text end

new text begin A virtual currency kiosk operator is not required to make a payout under subdivision 2 if the operator maintains, at all times, other lawful means for new and existing customers to access, transfer, redeem, or otherwise transact a customer's money or virtual currency that exists as a result of virtual currency kiosk transactions. new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2026. new text end

Sec. 3.

new text begin REPEALER. new text end

new text begin (a) new text end new text begin Minnesota Statutes 2024, section 53B.75, subdivisions 1, 2, 3, and 5, new text end new text begin are repealed. new text end

new text begin (b) new text end new text begin Minnesota Statutes 2024, sections 53B.69, subdivisions 3b and 3c; and 53B.75, subdivision 4, new text end new text begin are repealed. new text end

new text begin EFFECTIVE DATE. new text end

new text begin Paragraph (a) is effective August 1, 2026. Paragraph (b) is effective January 17, 2027. new text end

Presented to the governor May 4, 2026

Signed by the governor May 5, 2026, 10:44 a.m.