§ 12-1201
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/md/financial-institutions/12-1201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§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.
(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.
(1)“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.
(2)“Virtual currency kiosk” does not include an automated teller machine, as defined in § 1–401(d) of this article.
(f)“Virtual currency kiosk operator” or “operator” means a person who owns or operates a virtual currency kiosk in the State.
(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 money transmission, as defined in § 12–401(p) of this title.