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 new 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. "New customer" is defined as a customer who has been a customer of a virtual currency kiosk for less than 7 days.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)