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SB489Introduced in the Senate

Financial institutions and services; virtual currency kiosk operators, license required, penalties.

Passed

Introduced by Saddam Salim, District 37

What does this bill do?

Plain-English breakdown

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Official description

Financial institutions and services; virtual currency kiosk operators; license required; penalties. 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. This bill is identical to HB 665.

Where it stands

Acts of Assembly Chapter text (CHAP0655)

April 13, 2026

How did lawmakers vote?

House of Delegates votes

2 recorded votes · each counted separately

Senate votes

5 recorded votes · each counted separately

SenateStage: House Amendments agreed to by Senate · March 2, 2026

40

Yes

0

No

0

Absent or Not Voting

40 senators recorded in this Senate vote. Colors show vote categories only, not whether a vote was good or bad.

See how each senator voted

SenatorDistrictVote
Elizabeth Bennett-Parker5Yes
Michael Jones77Yes
Timmy French1Yes
Mark Obenshain2Yes
Chris Head3Yes
David Suetterlein4Yes
Travis Hackworth5Yes
Todd Pillion6Yes
William Stanley7Yes
Mark Peake8Yes

Bill history

  1. Prefiled and ordered printed; Offered 01-14-2026 26104942D

  2. Referred to Committee on Commerce and Labor

  3. Fiscal Impact Statement from State Corporation Commission (SB489)

  4. Senate committee offered

  5. Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations (11-Y 0-N 4-A)

  6. Committee substitute printed 26106150D-S1

  7. Reported from Finance and Appropriations

  8. Rules suspended

  9. Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

  10. Passed by for the day (Voice Vote)

  11. Fiscal Impact Statement from State Corporation Commission (SB489)

  12. Read second time

  13. Commerce and Labor Substitute agreed to

  14. Engrossed by Senate - committee substitute (Voice Vote)

  15. Read third time and passed Senate (40-Y 0-N 0-A)

  16. Placed on Calendar

  17. Read first time

  18. Referred to Committee on Communications, Technology and Innovation

  19. House committee offered

  20. Reported from Communications, Technology and Innovation with amendment(s) (19-Y 3-N)

  21. House committee offered

  22. Read second time

  23. Read third time

  24. committee amendments agreed to

  25. Engrossed by House as amended

  26. Passed House with amendments (86-Y 10-N 0-A)

  27. House Amendments agreed to by Senate (40-Y 0-A 0-A)

  28. Enrolled

  29. Bill text as passed Senate and House (SB489ER)

  30. Signed by Speaker

  31. Signed by President

  32. Enrolled Bill communicated to Governor on March 10, 2026

  33. Governor's Action Deadline 11:59 p.m., April 13, 2026

  34. Fiscal Impact Statement from State Corporation Commission (SB489)

  35. Approved by Governor-Chapter 655 (effective 7/1/2026)

  36. Acts of Assembly Chapter text (CHAP0655)

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