Senate Bill 25-079, Colorado Vending of Digital Assets Act (signed act)
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SENATE BILL 25-079
BY SENATOR(S) Rich and Roberts, Hinrichsen, Kipp;
also REPRESENTATIVE(S) Taggart and Jackson, Bacon, Joseph, Lieder,
Mabrey, Paschal, Ricks, Rutinel.
CONCERNING THE "COLORADO VENDING OF DIGITAL ASSETS ACT".
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, add article 112 to title
11 as follows:
ARTICLE 112
Colorado Vending of Digital Assets
11-112-101. Short title. THE SHORT TITLE OF THIS ARTICLE 112 IS
THE "COLORADO VENDING OF DIGITAL ASSETS ACT".
11-112-102. Definitions. AS USED IN THIS ARTICLE 112, UNLESS THE
CONTEXT OTHERWISE REQUIRES:
(1) "BLOCKCHAIN TECHNOLOGY" HAS THE MEANING SET FORTH IN
SECTION 24-36-121.5 (2)(a).
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletionsfrom existing law and such material is not part of
the act.
(2) (a) "NEW CUSTOMER" MEANS A CUSTOMER TRANSACTING AT A
VIRTUAL CURRENCY KIOSK IN COLORADO WHO HAS BEEN A CUSTOMER OF AN
OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK FOR LESS THAN SEVEN
DAYS.
(b) SEVEN DAYS AFTER A CUSTOMER FIRST TRANSACTS WITH AN
OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK, THE CUSTOMER IS
CONSIDERED AN EXISTING CUSTOMER AND IS NOT SUBJECT TO THE NEW
CUSTOMER TRANSACTION LIMIT DESCRIBED IN SECTION 1 1-1 12-103 (6).
(3) "TRANSACTION HASH" MEANS A UNIQUE IDENTIFIER MADE UP OF
A STRING OF CHARACTERS THAT ACTS AS A RECORD AND PROVIDES PROOF
THAT A TRANSACTION WAS VERIFIED AND ADDED TO BLOCKCHAIN
TECHNOLOGY.
(4) (a) "VIRTUAL CURRENCY" MEANS 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.
(b) "VIRTUAL CURRENCY" INCLUDES DIGITAL UNITS THAT:
(I) HAVE A CENTRALIZED REPOSITORY OR ADMINISTRATOR;
(II) ARE DECENTRALIZED AND HAVE NO CENTRALIZED RI POSITORY
OR ADMINISTRATOR; OR
(III) MAY BE CREATED OR OBTAINED BY COMPUTING OR
MANUFACTURING EFFORT.
(C) "VIRTUAL CURRENCY" DOES NOT INCLUDE DIGITAL UNITS THAT:
(I) ARE USED SOLELY WITHIN ONLINE GAMING PLATFORMS, WITH NO
MARKET OR APPLICATION OUTSIDE THE GAMING PLATFORMS;
(II) ARE USED EXCLUSIVELY AS PART OF A CONSUMER AFFINITY OR
REWARDS PROGRAM AND CAN BE APPLIED AS PAYMENT FOR PURCHASES WITH
THE ISSUER OR OTHER DESIGNATED MERCHANTS BUT CANNOT BE CONVERTED
INTO OR REDEEMED FOR FIAT CURRENCY; OR
PAGE 2-SENATE BILL 25-079
(III) ARE USED AS PART OF A CONSUMER AFFINITY OR REWARDS
PROGRAM OFFERED THROUGH AN INSTITUTION THAT IS INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR THE NATIONAL CREDIT
UNION ADMINISTRATION.
(5) "VIRTUAL CURRENCY ADDRESS" MEANS AN ALPHANUMERIC
IDENTIFIER REPRESENTING A DESTINATION FOR A VIRTUAL CURRENCY
TRANSFER THAT IS ASSOCIATED WITH A VIRTUAL CURRENCY WALLET.
(6) "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 OTHER VIRTUAL CURRENCY OR FIAT CURRENCY, INCLUDING
BY:
(a) CONNECTING 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.
(7) "VIRTUAL CURRENCY WALLET" MEANS A SOFTWARE APPLICATION
OR OTHER MECHANISM PROVIDING A MEANS FOR HOLDING, STORING, AND
TRANSFERRING VIRTUAL CURRENCY.
11-112-103. Virtual currency kiosks - disclosures - receipts -
daily limit - cancellation and refund. (1) BEFORE ENTERING INTO A
VIRTUAL CURRENCY TRANSACTION FOR, ON BEHALF OF, OR WITH A
CUSTOMER, THE OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK
SHALL DISCLOSE TO THE CUSTOMER IN CLEAR AND CONSPICUOUS WRITING IN
THE ENGLISH LANGUAGE ALL MATERIAL RISKS ASSOCIATED WITH VIRTUAL
CURRENCY. THE DISCLOSURES MUST BE DISPLAYED ON THE SCREEN OF THE
VIRTUAL CURRENCY KIOSK WITH THE ABILITY FOR A CUSTOMER TO
ACKNOWLEDGE RECEIPT OF THE DISCLOSURES. THE DISCLOSURES MUST
INCLUDE AT LEAST THE FOLLOWING STATEMENT:
WARNING: THIS TECHNOLOGY CAN BE USED TO
DEFRAUD YOU. IF YOU HAVE BEEN DIRECTED TO THIS
MACHINE BY SOMEONE CLAIMING TO BE A GOVERNMENT
AGENT, BILL COLLECTOR, LAW ENFORCEMENT OFFICER, OR
PAGE 3-SENATE BILL 25-079
ANYONE YOU DO NOT KNOW PERSONALLY, STOP THIS
TRANSACTION IMMEDIATELY AND CONTACT YOUR
FINANCIAL ADVISOR AND LOCAL LAW ENFORCEMENT.
(2) WHEN OPENING AN ACCOUNT FOR A CUSTOMER, THE OWNER OR
OPERATOR OF A VIRTUAL CURRENCY KIOSK SHALL DISCLOSE TO THE
CUSTOMER IN CLEAR AND CONSPICUOUS WRITING IN THE ENGLISH LANGUAGE
ALL RELEVANT TERMS AND CONDITIONS ASSOCIATED WITH THE PRODUCTS,
SERVICES, AND ACTIVITIES OF THE OWNER OR OPERATOR AND VIRTUAL
CURRENCY GENERALLY, INCLUDING THE FOLLOWING:
(a) THE CUSTOMER'S LIABILITY FOR UNAUTHORIZED VIRTUAL
CURRENCY TRANSACTIONS;
(b) UNDER WHICH CIRCUMSTANCES THE OWNER OR OPERATOR WILL,
ABSENT A COURT OR GOVERNMENT ORDER, DISCLOSE INFORMATION
CONCERNING THE CUSTOMER'S ACCOUNT TO THIRD PARTIES;
(c) THE CUSTOMER'S RIGHT TO RECEIVE PERIODIC ACCOUNT
STATEMENTS AND VALUATIONS FROM THE OWNER OR OPERATOR;
(d) THE CUSTOMER'S RIGHT TO RECEIVE A RECEIPT, A TRADE TICKET,
OR OTHER EVIDENCE OF A VIRTUAL CURRENCY TRANSACTION; AND
(e) THE CUSTOMER'S RIGHT TO PRIOR NOTICE OF A CHANGE IN THE
RULES OR POLICIES OF THE OWNER OR OPERATOR.
(3) PRIOR TO A TRANSACTION IN VIRTUAL CURRENCY FOR, ON
BEHALF OF, OR WITH A CUSTOMER, THE OWNER OR OPERATOR OF A VIRTUAL
CURRENCY KIOSK SHALL DISCLOSE TO THE CUSTOMER IN CLEAR AND
CONSPICUOUS WRITING IN THE ENGLISH LANGUAGE THE TERMS AND
CONDITIONS OF THE VIRTUAL CURRENCY TRANSACTION, INCLUDING THE
FOLLOWING:
(a) THE AMOUNT OF THE TRANSACTION;
(b) THE FEES, EXPENSES, AND CHARGES BORNE BY THE CUSTOMER,
INCLUDING APPLICABLE EXCHANGE RATES;
(c) THE TYPE AND NATURE OF THE TRANSACTION;
PAGE 4-SENATE BILL 25-079
(d) A WARNING THAT, ONCE COMPLETED, THE TRANSACTION IS
IRREVERSIBLE, IF APPLICABLE;
(e) THE DIFFERENCE IN THE VIRTUAL CURRENCY'S SALE PRICE VERSUS
THE CURRENT MARKET PRICE; AND
(f) OTHER DISCLOSURES THAT ARE CUSTOMARILY GIVEN IN
CONNECTION WITH A VIRTUAL CURRENCY TRANSACTION.
(4) TETI OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK SI I ALL
ENSURE THAT EACH CUSTOMER ACKNOWLEDGES RECEIPT OF ALL
DISCLOSURES REQUIRED UNDER THIS SECTION.
(5) UPON THE COMPLETION OF A VIRTUAL CURRENCY TRANSACTION,
THE OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK SHALL PROVIDE
TO THE CUSTOMER AN ELECTRONIC RECEIPT CONTAINING THE FOLLOWING
INFORMATION:
(a) 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;
(b) THE TYPE, VALUE, DATE, AND PRECISE TIME OF THE VIRTUAL
CURRENCY TRANSACTION, THE TRANSACTION HASH, AND EACH VIRTUAL
CURRENCY ADDRESS;
(C) THE FEE CHARGED;
(d) THE EXCHANGE RATE, IF APPLICABLE;
(e) A STATEMENT OF THE LIABILITY OF THE OWNER OR OPERATOR
FOR NONDELIVERY OR DELAYED DELIVERY OF THE CURRENCY FOR WHICH
THE CUSTOMER EXCHANGED VIRTUAL CURRENCY; AND
(f) A STATEMENT OF THE REFUND POLICY OF THE OWNER OR
OPERATOR.
(6) (a) FOR A NEW CUSTOMER, THE MAXIMUM DAILY TRANSACTION
LIMIT OF A VIRTUAL CURRENCY KIOSK IS TWO THOUSAND DOLLARS PER
CUSTOMER.
PAGE 5-SENATE BILL 25-079
(b) FOR AN EXISTING CUSTOMER, THE MAXIMUM DAILY
TRANSACTION LIMIT OF A VIRTUAL CURRENCY KIOSK IS TEN THOUSAND FIVE
HUNDRED DOLLARS PER CUSTOMER.
(7) (a) THE OWNER OR OPERATOR OF A VIRTUAL CURRENCY KIOSK
SHALL, AT THE EXPENSE OF THE OWNER OR OPERATOR, ALLOW A CUSTOMER
TO CANCEL AND RECEIVE A FULL REFUND FOR A VIRTUAL CURRENCY
TRANSACTION IF:
(I) THE VIRTUAL CURRENCY TRANSACTION WAS THE CUSTOMER'S
FIRST VIRTUAL CURRENCY TRANSACTION;
(II) THE VIRTUAL CURRENCY TRANSACTION WAS TO A VIRTUAL
CURRENCY WALLET OR EXCHANGE LOCATED OUTSIDE OF THE UNITED
STATES; AND
(III) WITHIN SIXTY DAYS AFTER THE VIRTUAL CURRENCY
TRANSACTION, THE CUSTOMER CONTACTS THE OWNER OR OPERATOR OF THE
VIRTUAL CURRENCY KIOSK AND A GOVERNMENT OR LAW ENFORCEMENT
ENTITY REGARDING THE FRAUDULENT NATURE OF THE TRANSACTION AND
SUBMITS PROOF OF THE FRAUD, SUCH AS A POLICE REPORT OR NOTARIZED
DECLARATION DETAILING THE FRAUDULENT NATURE OF THE VIRTUAL
CURRENCY TRANSACTION.
(b) IF THE CONDITIONS OF SUBSECTION (7)(a) OF THIS SECTION ARE
MET, THE OWNER OR OPERATOR SHALL ISSUE A FULL RI FUND WITHIN
SEVENTY-TWO HOURS AFTER BEING NOTIFIED THAT THE VIRTUAL CURRENCY
TRANSACTION WAS FRAUDULENT.
SECTION 2. Act subject to petition - effective date. This act
takes effect January 1, 2026; except that, if a referendum petition is filed
pursuant to section 1 (3) of article V of the state constitution against this act
or an item, section, or part of this act within the ninety-day period after final
adjournment of the general assembly, then the act, item, section, or part will
not take effect unless approved by the people at the general election to be
PAGE 6-SENATE BILL 25-079
held in November 2026 and, in such case, will take effect on the date of the
official declaration of the vote thereon by the governor.
James Rashad Coleman, Sr. le McClus it
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
V alA1244ii-
Esther van Mourik Vanes Reilly
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED vA, . ,A,1 1 . •••••<_ 2.". 2.0 -2. 'S. .,,, V ‘V. `24'2' Is'
'1 (Date and Time)
Jared S. oh
GOVE O OF TI STATE OF COLORADO
PAGE 7-SENATE BILL 25-079