Sec. 303. Crypto asset kiosks
242 words·~1 min read·
/bill/118/s/2281/is/section-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section, the term crypto asset kiosk means a stand-alone machine, including a crypto asset automated teller machine, which facilitates the buying, selling, or exchange of crypto assets. Beginning not later than 2 years after the date of enactment of this Act, the Director of the Financial Crimes Enforcement Network of the Department of the Treasury shall require crypto asset kiosk owners and administrators to submit and update the physical addresses of the kiosks owned or operated by the owner or administrator, as applicable, once every 120 days.
Not later than 2 years after the date of enactment of this Act, the Director of the Financial Crimes Enforcement Network of the Department of the Treasury shall issue rules requiring crypto asset kiosk owners and administrators to verify the identity of each customer using a valid form of government-issued identification or other documentary method, as determined by the Secretary of the Treasury. Not later than 180 days after the date of enactment of this Act, the Director of the Financial Crimes Enforcement Network of the Department of the Treasury shall issue a public report identifying unlicensed kiosk operators and administrators, including identification of known unlicensed operators and estimates of the number and locations of suspected unlicensed operators, as applicable.
Not later than 1 year after the date of enactment of this Act, the Drug Enforcement Administration shall issue a report to Congress identifying recommendations to reduce drug trafficking with crypto asset kiosks.