Fiscal Impact Statement — HB 665 (2026), virtual currency kiosk operators (Senate Substitute 1)

Bitcoin Research — Law, Regulation, Markets & Origins (2026)

States

Va

2026-03-02

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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.

Fiscal Impact Statement for Proposed Legislation
                      Virginia State Corporation Commission

                                                                                                Published: March 2, 2026

                                                    House Bill 665
Version: Senate Substitute 1
Patron: Maldonado
Title: Financial institutions and services; virtual currency kiosk operators; license required; penalties.
Summary as Passed House: Establishes requirements for the operation of virtual currency kiosks, as defined
in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State
Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain
disclosures, and take reasonable steps to detect and prevent fraud and money laundering. The bill prohibits
operators from accepting transactions above specified daily and monthly limits and establishes a maximum
transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is
subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia
Consumer Protection Act..
Effective Date(s): July 1, 2027
Amendment Necessary: ☒ Budget, Item 474
                     ☐ Technical, see Technical Note below
                     ☐ None

                                                    Fiscal Summary
 TYPE OF IMPACT                      FY2027            FY2028            FY2029            FY2030           FY2031
 REVENUE
   General (XXXX)
   Nongeneral (0210)                     $10,000         $278,000          $272,000             $272,000      $272,000
 EXPENDITURES
   General (XXXX)
   Nongeneral (0210)                   $102,000          $278,000          $272,000             $272,000      $272,000
 CHANGE IN FTE
   General (XXXX)
   Nongeneral (0210)                            2                 1

                                                    Fiscal Analysis

Revenue
The requirements of this bill can be satisfied within the Bureau’s current revenue authority.
Expenditures
None.

Change in FTE
Three new full-time employees will be required to implement this bill.

Other Comments
None.

Technical Note
None.