AN ACT RELATING TO FINANCIAL INSTITUTIONS -- CURRENCY TRANSMISSIONS (Expands the definition of operator to anyone who enables customers to purchase virtual currency. Expands the definition of a transaction to include a digital product or application where payment is made in person or through a third party intermediary.)

S2648

2026 -- S 2648
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
RELATING TO FINANCIAL INSTITUTIONS -- CURRENCY TRANSMISSIONS

Introduced By:
Senators Gu, Britto, Bell, Tikoian, and Kallman

Date Introduced:
February 27, 2026

Referred To:
Senate Commerce
It is enacted by the General Assembly as follows:
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SECTION 1. Section 19-14.3-1.1 of the General Laws in Chapter 19-14.3 entitled
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"Currency Transmissions" is hereby amended to read as follows:
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19-14.3-1.1. Definitions.
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In addition to the definitions provided in § 19-14-1 the following definitions are applicable
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to this chapter:
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(1) “Blockchain analytics” means the analysis of data from blockchains or public
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distributed ledgers, including associated transaction information.
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(2) “Blockchain analytics software” means a software service that uses blockchain
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analytics data to provide risk-specific information about virtual currency wallet addresses, among
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other things.
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(3) “Control” means:
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(i) When used in reference to a transaction or relationship involving virtual currency, the
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power to execute unilaterally or prevent indefinitely a virtual currency transaction; and
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(ii) When used in reference to a person, the direct or indirect power to direct the
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management, operations, or policies of the person through legal or beneficial ownership of twenty-
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five percent (25%) or more of the voting power in the person or under a contract, arrangement, or
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understanding.
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(4) “Department” means the department of business regulation, division of banking.
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(5) “Exchange,” used as a verb, means to assume control of virtual currency from or on

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behalf of a resident, at least momentarily, to sell, trade, or convert:
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(i) Virtual currency for legal tender, bank credit, or one or more forms of virtual currency;
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or
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(ii) Legal tender or bank credit for one or more forms of virtual currency.
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(6) “Existing customer” means an individual who has been a customer with a virtual
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currency kiosk operator for more than thirty (30) days after the customer’s first financial transaction
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with the virtual currency kiosk operator.
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(7) “Legal tender” means a medium of exchange or unit of value, including the coin or
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paper money of the United States, issued by the United States or by another government.
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(8) “Licensee” means a person licensed under this chapter.
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(9) “Monetary value” means a medium of exchange, whether or not redeemable in money.
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(10) “New customer” means an individual who has never previously transacted with the
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virtual currency kiosk operator. The new customer shall remain defined as such during the thirty-
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day (30) period after the first financial transaction with the virtual currency kiosk operator.
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Following the thirty-day (30) period, a new customer automatically converts to an existing
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customer.
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(11) “Reciprocity agreement” means an arrangement between the department and the
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appropriate licensing agency of another state that permits a licensee operating under a license
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granted by the other state to engage in currency transmission business activity with or on behalf of
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a resident.
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(12) “Record” means information that is inscribed on a tangible medium or that is stored
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in an electronic or other medium and is retrievable in perceivable form.
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(13) “Registry” means the Nationwide Multistate Licensing System.
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(14) “Resident”:
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(i) Means a person that:
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(A) Is domiciled in this state;
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(B) Is physically located in this state for more than one hundred eighty-three (183) days of
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the previous three hundred sixty-five (365) days; or
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(C) Has a place of business in this state; and
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(ii) Includes a legal representative of a person that satisfies subsection (14)(i) of this
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section.
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(15) “Responsible individual” means an individual who has managerial authority with
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respect to a licensee’s currency transmission business activity with or on behalf of a resident.
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(16) “Sign” means, with present intent to authenticate or adopt a record:

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(i) To execute or adopt a tangible symbol; or
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(ii) To attach to or logically associate with the record an electronic symbol, sound, or
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process.
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(17) “State” means a state of the United States, the District of Columbia, Puerto Rico, the
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United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the
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United States.
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(18) “Store,” except in the phrase “store of value,” means to maintain control of virtual
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currency on behalf of a resident by a person other than the resident. “Storage” and “storing” have
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corresponding meanings.
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(19) “Transaction hash” means a unique identifier made up of a string of characters that
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act as a record of and provide proof that the transaction was verified and added to the blockchain.
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(20) “Transfer” means to assume control of virtual currency from or on behalf of a resident
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and to:
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(i) Credit the virtual currency to the account of another person;
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(ii) Move the virtual currency from one account of a resident to another account of the
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same resident; or
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(iii) Relinquish control of virtual currency to another person.
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(21) “U.S. Dollar equivalent of virtual currency” means the equivalent value of a particular
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virtual currency in United States dollars shown on a virtual currency exchange based in the United
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States for a particular date or period specified in this chapter.
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(22) “Virtual currency address” means an alphanumeric identifier associated with a virtual
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currency wallet identifying the location to which a virtual currency transaction can be sent.
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(23) “Virtual currency business activity” means:
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(i) Exchanging, transferring, or storing virtual currency whether directly or through an
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agreement with a virtual currency control-services vendor;
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(ii) Holding electronic precious metals or electronic certificates representing interests in
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precious metals on behalf of another person or issuing shares or electronic certificates representing
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interests in precious metals; or
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(iii) Exchanging one or more digital representations of value used within one or more
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online games, game platforms, or family of games for:
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(A) Virtual currency offered by or on behalf of the same publisher from which the original
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digital representation of value was received; or
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(B) Legal tender or bank credit outside the online game, game platform, or family of games
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offered by or on behalf of the same publisher from which the original digital representation of value

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was received.
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(24) “Virtual currency control-services vendor” means a person who has control of virtual
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currency solely under an agreement with a person who, on behalf of another person, assumes
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control of virtual currency.
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(25) “Virtual currency kiosk” or “kiosk” means an electronic terminal acting as a
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mechanical agent of the virtual currency kiosk operator that enables the virtual currency kiosk
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operator to facilitate the exchange of virtual currency for money, bank credit, or other virtual
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currency including, but not limited to:
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(i) Connecting directly to a separate “virtual currency exchange” that performs the actual
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virtual currency transmission; or
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(ii) Drawing upon the virtual currency in the possession of the electronic terminal’s
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operator.
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(26) “Virtual-currency kiosk operator” means a person or business entity that engages in
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virtual-currency business activity via a virtual currency kiosk located in this state or a person who
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owns, operates, or manages a virtual currency kiosk located in this state through which virtual
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currency business activity is offered.
This definition applies whether or not the operator owns the
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kiosks used in transactions, or if they provide custodial or non-custodial services. For the purpose
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of this definition, the term also includes any person or business entity that facilitates or enables the
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purchase of virtual currency through a digital product or application that directs a customer to remit
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payment in person, including through a clerk or other intermediary, for the purpose of completing
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the transaction.
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(27) “Virtual currency kiosk transaction” means a transaction conducted or performed, in
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whole or in part, by electronic means via a virtual currency kiosk
or through a digital product or
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application that directs a customer to remit payment in person, including through a clerk or other
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intermediary, for the purpose of completing the transaction
. Virtual currency kiosk transaction also
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means a transaction made at a virtual currency kiosk to purchase virtual currency with fiat currency
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or to sell virtual currency for fiat currency.
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(28) “Virtual currency wallet” means a software application or other mechanism providing
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a means for holding, storing, and transferring virtual currency.
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SECTION 2. This act shall take effect upon passage.
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO FINANCIAL INSTITUTIONS -- CURRENCY TRANSMISSIONS
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This act would expand the definitions of a virtual currency kiosk operator to include
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owners, non-owners and anyone who provides a service to enable or facilitate a customer to
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purchase virtual currency. This act would expand the definition of virtual currency kiosk
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transaction to include a digital product or application where a customer remits payment in person,
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including through a clerk or other intermediary, for the purpose of completing the transaction.
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This act would take effect upon passage.
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