Public Act 23-82 (Substitute HB 6752), An Act Concerning Digital Assets
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Substitute House Bill No. 6752
Public Act No. 23-82
AN ACT CONCERNING DIGITAL ASSETS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective from passage) (a) For purposes of this
section, "commissioner" has the same meaning as provided in section
36a-2 of the general statutes.
(b) The commissioner may, in accordance with the provisions of
chapter 54 of the general statutes, adopt, amend and rescind regulations,
forms and orders governing the business use of digital assets, including,
but not limited to, virtual currencies and stablecoins, by entities that,
and individuals who, are subject to regulation by the commissioner,
which regulations, forms and orders shall ensure consumer protection.
(c) In adopting, amending or rescinding any regulation, form or order
pursuant to subsection (b) of this section, the commissioner may consult
with federal financial services regulators, financial services regulators of
other states, other stakeholders and industry professionals to ensure
that digital assets receive, to the extent practicable, consistent treatment.
Sec. 2. Section 36a-596 of the general statutes is repealed and the
following is substituted in lieu thereof (Effective October 1, 2023):
As used in sections 36a-595 to 36a-612, inclusive, and section 3 of this
Substitute House Bill No. 6752
act:
(1) "Advertise" or "advertising" has the same meaning as provided in
section 36a-485.
(2) "Authorized delegate" means a person designated by a person
licensed pursuant to sections 36a-595 to 36a-612, inclusive, to provide
money transmission services on behalf of such licensed person.
(3) "Control" means (A) the power to vote, directly or indirectly, at
least twenty-five per cent of the outstanding voting shares or voting
interests of a licensee or person in control of a licensee; (B) the power to
elect or appoint a majority of key individuals or executive officers,
managers, directors, trustees or other persons exercising managerial
authority of a person in control of a licensee; or (C) the power to exercise,
directly or indirectly, a controlling influence over the management or
policies of a licensee or person in control of a licensee. For purposes of
this subdivision: (i) A person is presumed to exercise a controlling
influence when the person holds the power to vote, directly or
indirectly, at least ten per cent of the outstanding voting shares or voting
interests of a licensee or person in control of a licensee, (ii) a person
presumed to exercise a controlling influence can rebut such
presumption if the person is a passive investor, and (iii) to determine
the percentage of control, a person's interest shall be aggregated with
the interest of any other immediate family member, including the
person's spouse, parent, child, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law and any other
person who shares the person's home.
(4) "Control person" means any individual in control of a licensee or
applicant, any individual who seeks to acquire control of a licensee or a
key individual.
(5) "Electronic payment instrument" means a card or other tangible
Public Act No. 23-82 2 of 11
Substitute House Bill No. 6752
object for the transmission of money or monetary value or payment of
money which contains a microprocessor chip, magnetic stripe, or other
means for the storage of information, that is prefunded and for which
the value is decremented upon each use, but does not include a card or
other tangible object that is redeemable by the issuer in the issuer's
goods or services.
(6) "Holder" means a person, other than a purchaser, who is either in
possession of a payment instrument and is the named payee thereon or
in possession of a payment instrument issued or endorsed to such
person or bearer or in blank. "Holder" does not include any person who
is in possession of a lost, stolen or forged payment instrument.
(7) "Key individual" means any individual ultimately responsible for
establishing or directing policies and procedures of the licensee,
including, but not limited to, an executive officer, manager, director or
trustee.
(8) "Licensee" means any person licensed or required to be licensed
pursuant to sections 36a-595 to 36a-612, inclusive.
(9) "Main office" has the same meaning as provided in section 36a-
485.
(10) "Monetary value" means a medium of exchange, whether or not
redeemable in money.
(11) "Money transmission" means engaging in the business of issuing
or selling payment instruments or stored value, receiving money or
monetary value for current or future transmission or the business of
transmitting money or monetary value within the United States or to
locations outside the United States by any and all means including, but
not limited to, payment instrument, wire, facsimile, [or] electronic
transfer or virtual currency kiosk.
Public Act No. 23-82 3 of 11
Substitute House Bill No. 6752
(12) "Outstanding" means (A) in the case of a payment instrument or
stored value, that: (i) It is sold or issued in the United States; (ii) a report
of it has been received by a licensee from its authorized delegates; and
(iii) it has not yet been paid by the issuer, and (B) for all other money
transmissions, the value reported to the licensee for which the licensee
or any authorized delegate has received money or its equivalent value
from the customer for transmission, but has not yet completed the
money transmission by delivering the money or monetary value to the
person designated by the customer.
(13) "Passive investor" means a person that: (A) Does not have the
power to elect a majority of key individuals or executive officers,
managers, directors, trustees or other persons exercising managerial
authority of a person in control of a licensee; (B) is not employed by and
does not have any managerial duties of the licensee or person in control
of a licensee; (C) does not have the power to exercise, directly or
indirectly, a controlling influence over the management or policies of a
licensee or person in control of a licensee; and (D) attests to
subparagraphs (A), (B) and (C) of this subdivision in the form and
manner prescribed by the commissioner.
(14) "Payment instrument" means a check, draft, money order,
travelers check or electronic payment instrument that evidences either
an obligation for the transmission of money or monetary value or
payment of money, or the purchase or the deposit of funds for the
purchase of such check, draft, money order, travelers check or electronic
payment instrument.
(15) "Permissible investment" means: (A) Cash in United States
currency; (B) time deposits, as defined in section 36a-2, or other debt
instruments of a bank; (C) bills of exchange or bankers acceptances
which are eligible for purchase by member banks of the Federal Reserve
System; (D) commercial paper of prime quality; (E) interest-bearing
bills, notes, bonds, debentures or other obligations issued or guaranteed
Public Act No. 23-82 4 of 11
Substitute House Bill No. 6752
by: (i) The United States or any of its agencies or instrumentalities, or (ii)
any state, or any agency, instrumentality, political subdivision, school
district or legally constituted authority of any state if such investment is
of prime quality; (F) interest-bearing bills or notes, or bonds, debentures
or preferred stocks, traded on any national securities exchange or on a
national over-the-counter market, if such debt or equity investments are
of prime quality; (G) receivables due from authorized delegates
consisting of the proceeds of the sale of payment instruments which are
not past due or doubtful of collection; (H) gold; and (I) any other
investments approved by the commissioner. Notwithstanding the
provisions of this subdivision, if the commissioner at any time finds that
an investment of a licensee is unsatisfactory for investment purposes,
the investment shall not qualify as a permissible investment.
(16) "Prime quality" of an investment means that it is within the top
four rating categories in any rating service recognized by the
commissioner unless the commissioner determines for any licensee that
only those investments in the top three rating categories qualify as
prime quality.
(17) "Purchaser" means a person who buys or has bought a payment
instrument or who has given money or monetary value for current or
future transmission.
(18) "Stored value" means monetary value that is evidenced by an
electronic record. For the purposes of this subdivision, "electronic
record" means information that is stored in an electronic medium and is
retrievable in perceivable form.
(19) "Travelers check" means a payment instrument for the payment
of money that contains a provision for a specimen signature of the
purchaser to be completed at the time of a purchase of the instrument
and a provision for a countersignature of the purchaser to be completed
at the time of negotiation.
Public Act No. 23-82 5 of 11
Substitute House Bill No. 6752
(20) "Unique identifier" has the same meaning as provided in section
36a-485.
(21) "Virtual currency" means any 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 shall be
construed to include digital units of exchange that (A) have a centralized
repository or administrator; (B) are decentralized and have no
centralized repository or administrator; or (C) may be created or
obtained by computing or manufacturing effort. Virtual currency shall
not be construed to include digital units that are used (i) solely within
online gaming platforms with no market or application outside such
gaming platforms, or (ii) exclusively as part of a consumer affinity or
rewards program, and can be applied solely as payment for purchases
with the issuer or other designated merchants, but cannot be converted
into or redeemed for fiat currency.
(22) "Virtual currency address" means an alphanumeric identifier
representing a destination for a virtual currency transfer that is
associated with a virtual currency wallet.
(23) "Virtual currency kiosk" means 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 fiat currency
or other virtual currency, including, but not limited to, by (A)
connecting directly to a separate virtual currency exchanger that
performs the actual virtual currency transmission, or (B) drawing upon
the virtual currency in the possession of the owner or operator of the
electronic terminal.
(24) "Virtual currency wallet" means a software application or other
mechanism providing a means for holding, storing and transferring
virtual currency.
Public Act No. 23-82 6 of 11
Substitute House Bill No. 6752
Sec. 3. (NEW) (Effective October 1, 2023) (a) The owner or operator of
a virtual currency kiosk shall, in establishing a relationship with a
customer and prior to entering into an initial virtual currency
transaction for, on behalf of or with the customer, disclose in clear,
conspicuous and legible writing in the English language all material
risks associated with virtual currency generally, including, but not
limited to, the following:
(1) A disclosure, which shall be acknowledged by the customer,
provided separately from the disclosures provided pursuant to
subdivisions (2) to (9), inclusive, of this subsection and written
prominently and in bold type, stating the following: "WARNING:
LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS
MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL
CURRENCY ARE IRREVERSIBLE.";
(2) Virtual currency is not backed or insured by the government and
accounts and value balances are not subject to Federal Deposit
Insurance Corporation, National Credit Union Administration or
Securities Investor Protection Corporation protections;
(3) Some virtual currency transactions shall be deemed to be made
when recorded on a public ledger, which may not be the date or time
when the customer initiates the virtual currency transaction;
(4) The value of virtual currency may be derived from the continued
willingness of market participants to exchange fiat currency for virtual
currency, which may result in the permanent and total loss of the value
of a particular virtual currency, if the market for that virtual currency
disappears;
(5) There is no assurance that a person who accepts a virtual currency
as payment today will continue to do so in the future;
(6) The volatility and unpredictability of the price of virtual currency
Public Act No. 23-82 7 of 11
Substitute House Bill No. 6752
relative to fiat currency may result in a significant loss over a short
period of time;
(7) The nature of virtual currency may lead to an increased risk of
fraud or cyber attack;
(8) The nature of virtual currency means that any technological
difficulties experienced by the owner or operator may prevent access to
or use of a customer's virtual currency; and
(9) Any bond maintained by the owner or operator for the benefit of
the customers of such owner or operator may not be sufficient to cover
all losses incurred by such customers.
(b) The owner or operator of a virtual currency kiosk shall, when
opening an account for a new customer and prior to entering into an
initial virtual currency transaction for, on behalf of or with such
customer, disclose in clear, conspicuous and legible writing in the
English language, using not less than twenty-four point sans-serif-type
font, all relevant terms and conditions associated with the products,
services and activities of the owner or operator and virtual currency
generally, including, but not limited to, the following:
(1) The customer's liability for unauthorized virtual currency
transactions;
(2) The customer's right to stop payment of a preauthorized virtual
currency transfer and the procedure used to initiate a stop-payment
order;
(3) Under what circumstances the owner or operator will, absent a
court or government order, disclose information concerning the
customer's account to third parties;
(4) The customer's right to receive periodic account statements and
Public Act No. 23-82 8 of 11
Substitute House Bill No. 6752
valuations from the owner or operator;
(5) The customer's right to receive a receipt, trade ticket or other
evidence of a virtual currency transaction; and
(6) The customer's right to prior notice of a change in the rules or
policies of the owner or operator.
(c) The owner or operator of a virtual currency kiosk shall, prior to
each transaction in virtual currency for, on behalf of or with a customer,
disclose to such customer in clear, conspicuous and legible writing in
the English language, using not less than twenty-four point sans-serif-
type font, the terms and conditions of the virtual currency transaction,
including, but not limited to, the following:
(1) The amount of the transaction;
(2) Any fees, expenses and charges borne by the customer, including,
but not limited to, applicable exchange rates;
(3) The type and nature of the virtual currency transaction;
(4) A warning that, once executed, the virtual currency transaction
may not be undone, if applicable;
(5) A daily virtual currency transaction limit in accordance with
subsection (g) of this section; and
(6) The difference in the sale price of the virtual currency versus the
current market price.
(d) The owner or operator of a virtual currency kiosk shall ensure that
each customer acknowledges receipt of all disclosures required under
this section.
(e) The owner or operator of a virtual currency kiosk shall, upon the
Public Act No. 23-82 9 of 11
Substitute House Bill No. 6752
completion of any virtual currency transaction, provide to the customer
a receipt containing the following information:
(1) The name of, and contact information for, the owner or operator,
including a telephone number established by the owner or operator to
answer questions and register complaints;
(2) The type, value, date and precise time of such virtual currency
transaction, and each virtual currency address;
(3) The fee charged;
(4) The exchange rate, if applicable;
(5) A statement of the liability of the owner or operator for
nondelivery or delayed delivery;
(6) A statement of the refund policy of the owner or operator; and
(7) Any additional information the Banking Commissioner may
require.
(f) The Banking Commissioner may establish a schedule of maximum
fees that an owner or operator of a virtual currency kiosk may charge
for specific services.
(g) There is established a maximum daily transaction limit of two
thousand five hundred dollars for each customer of a virtual currency
kiosk.
(h) The owner or operator of a virtual currency kiosk shall, at such
owner's or operator's cost and within seventy-two hours after a virtual
currency transaction, allow the customer to cancel and receive a full
refund for the virtual currency transaction if such virtual currency
transaction: (1) Is the customer's first virtual currency transaction with
such owner or operator; and (2) is to a virtual currency wallet or
Public Act No. 23-82 10 of 11
Substitute House Bill No. 6752
exchange located outside of the United States.
Approved June 27, 2023
Public Act No. 23-82 11 of 11