Colorado Vending of Digital Assets Act

The bill enacts the "Colorado Vending of Digital Assets Act", which requires an owner or operator of a virtual currency kiosk to:

• Provide certain disclosures to customers of the virtual currency kiosk;
• Provide each customer with a printed and an electronic receipt detailing the customer's virtual currency transaction; and
• Fully refund a customer's first virtual currency transaction if the virtual currency transaction is to a virtual currency wallet or exchange located outside of the United States and is determined by law enforcement to be fraudulent.

The bill establishes a daily transaction limit of $1,000 for a customer of a virtual currency kiosk.

The bill defines "virtual currency" as a type of digital unit that is used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology. "Virtual currency kiosk" is defined as an electronic terminal acting as a mechanical agent of the owner or operator to enable the owner or operator to facilitate the exchange of virtual currency for other virtual currency or fiat currency.

(Note: This summary applies to this bill as introduced.)