Regulatory Alerts2024-01-10 | UMSA-24-PS01UMSA-24-PS01 — Disclosure Requirements for Virtual Currency Kiosks
The Washington Department of Financial Institutions issued this policy statement to clarify existing requirements for virtual currency kiosk operators to warn consumers about fraud risks. Licensees must clearly and conspicuously display a separate notice before transactions stating that fraudulent transfers may result in irreversible financial loss with no recourse. Operators are required to comply with these disclosure mandates by May 1, 2024, and may utilize the provided model text to ensure regulatory adherence.
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