Virginia Law

A. Annually on or before March 31, each licensee under this chapter shall file a written report with the Commissioner containing such information as the Commissioner may require concerning its business and operations during the preceding calendar year in each location. Reports shall be made under oath in the form prescribed by the Commissioner and shall include the following information:

1. The gross revenue attributable to virtual currency transactions conducted via virtual currency kiosks operated by the licensee in the Commonwealth;

2. A copy of each complaint filed by a user against the licensee with the Better Business Bureau or any state or federal agency other than the Commission and a description of the resolution, if any, of such complaint;

3. The total number and value of virtual currency transactions conducted via virtual currency kiosks operated by the licensee in the Commonwealth;

4. The total dollar amount of any refunds the licensee provided to users;

5. The contact information of the licensee's compliance officer, if applicable;

6. The total number of virtual currency kiosk locations;

7. The virtual currency address used by the licensee to provide service to users at each location; and

8. The total number and gross dollar amount of suspicious activity reports filed by the licensee pursuant to the federal Bank Secrecy Act (31 U.S.C. § 5311 et seq.).

B. In addition to the annual report required by subsection A, each licensee shall file with the Commission a quarterly report for each virtual currency kiosk location within the Commonwealth within 45 days after the end of each quarter. Such quarterly report shall include the following information:

1. The legal name of the location;

2. Any fictitious or trade name of the location;

3. The location's physical address;

4. The start date of the virtual currency kiosk's operation at the location;

5. The end date of operation of the virtual currency kiosk's operation at the location, if applicable;

6. The virtual currency address used by the licensee to provide service to users at the location; and

7. The number of transactions declined due to suspicion of illicit activity.

C. A licensee shall provide any transaction and user information requested by the Commission, including information relating to transactions that were attempted and denied.

D. Data collected by the Commission pursuant to this section is confidential and may only be released in an aggregated form except as otherwise required by law. The Commissioner shall publish annually and make available to the public an analysis of the information required under this section and other information the Commissioner may choose to include.

2026, cc. 654, 655.