Chapter 417 (SB 741), Financial Institutions and Activities – Virtual Currency Kiosks – Alterations

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WES MOORE, Governor                               Ch. 417

Chapter 417

                                    (Senate Bill 741)

AN ACT concerning

  Financial Institutions and Activities – Virtual Currency Kiosks – Alterations

FOR the purpose of altering the definition of “virtual currency kiosk operator” to include a
     person who installs or operates certain software that enables a certain device to
     provide certain virtual currency services; altering the definition of “virtual currency
     services” to exclude the accepting or dispensing of cash in connection with a credit,
     deposit, or convenience account; clarifying that a virtual currency kiosk operator
     shall ensure the kiosk does not offer the same services as an automated teller
     machine; and generally relating to the regulation of virtual currency kiosks.

BY repealing and reenacting, without amendments,
      Article – Financial Institutions
      Section 1–401(a) and (d) and 12–1201(a)
      Annotated Code of Maryland
      (2020 Replacement Volume and 2025 Supplement)

BY repealing and reenacting, with amendments,
      Article – Financial Institutions
      Section 12–1201(e), (f), and (g) and 12–1207
      Annotated Code of Maryland
      (2020 Replacement Volume and 2025 Supplement)

      SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:

                            Article – Financial Institutions

1–401.

      (a)     In this subtitle the following words have the meanings indicated.

       (d)    (1)    “Automated teller machine” means any electronic information
processing device located in this State which accepts or dispenses cash in connection with
a credit, deposit, or convenience account.

              (2)   “Automated teller machine” does not include devices used:

                    (i)   Solely to facilitate check guarantees or check authorizations;

                  (ii)   In connection with the acceptance or dispensing of cash on a
person–to–person basis, including by a store cashier; or
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Ch. 417                          2026 LAWS OF MARYLAND

                      (iii)   For the payment of goods or services.

12–1201.

      (a)      In this subtitle the following words have the meanings indicated.

      (e)    [(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]:

               (1)    A person who owns or operates a virtual currency kiosk in the State;
OR

           (2) A PERSON WHO INSTALLS OR OPERATES SOFTWARE THAT
ENABLES A STAND–ALONE AUTOMATED DEVICE TO PROVIDE VIRTUAL CURRENCY
SERVICES IN THE STATE.

      (g)      (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]:

                      (I)     MONEY transmission, as defined in § 12–401(p) of this title; OR

                (II) ACCEPTING OR DISPENSING CASH IN CONNECTION WITH A
CREDIT, DEPOSIT, OR CONVENIENCE ACCOUNT.

12–1207.

      A virtual currency kiosk operator shall ensure that the virtual currency kiosk:

                                              –2–
                             WES MOORE, Governor                              Ch. 417

           (1)   Operates solely for the purpose of virtual currency services; and

             (2)   Does not operate OR PROVIDE THE SAME SERVICES as an automated
teller machine as defined under § 1–401 of this article.

      SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2026.

Approved by the Governor, May 12, 2026.

                                        –3–