Okla. Stat. tit. 6, § 6-1520.1

Violations.

A. A digital asset kiosk operator shall not engage in digital

asset kiosk transactions or hold itself out as being able to engage

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in digital asset kiosk transactions with or on behalf of another

person unless the digital asset kiosk operator is licensed in this

state as a money transmitter pursuant to the Oklahoma Financial

Transaction Reporting Act.

1. Any digital asset kiosk operator acting in violation of this

subsection shall, upon conviction, be guilty of a misdemeanor,

punishable by a fine not less than Six Hundred Dollars ($600.00) nor

more than Two Thousand Dollars ($2,000.00) per violation, or by

imprisonment in the county jail for not less than thirty (30) days

nor more than one (1) year, or by both such fine and imprisonment.

2. Any digital asset kiosk which is used by a digital asset

kiosk operator in violation of this subsection may be seized at the

direction of the Attorney General by any commissioned peace officer

in this state. The procedures set forth in Section 1738 of Title 21

of the Oklahoma Statutes shall apply to any digital asset kiosk

seized under this subsection.

3. The Attorney General is authorized to promulgate rules to

effectuate the provisions of this subsection.

4. Any customer who has been fraudulently induced to engage in

digital asset transactions using a digital asset kiosk operated in

violation of this subsection may file a civil suit against the

digital asset kiosk operator for the amount of any losses sustained

by the customer related to such digital asset transactions.

B. A digital asset kiosk operator shall not locate or relocate,

or allow a third party to locate or relocate, a digital asset kiosk

in this state unless the digital asset kiosk operator has provided

notice of intent to locate or relocate a digital asset kiosk to the

Banking Department no less than ten (10) days prior to its

activation. The notice to the Banking Department shall contain the

same information for the digital asset kiosk to be located or

relocated as is required in the quarterly location report pursuant

to subsection C of this section.

C. Each digital asset kiosk operator shall submit a quarterly

report of the location of each digital asset kiosk located within

this state within forty-five (45) days of the end of the calendar

quarter. The location report shall include:

1. The company’s legal name;

2. Any fictitious or trade name;

3. The physical address;

4. The start date of operation of the digital asset kiosk at

each location; and

5. The end date of operation of the digital asset kiosk at each

location, if applicable.

D. A digital asset kiosk operator shall disclose in a clear,

conspicuous, and easily readable manner in the chosen language of

the customer all relevant terms and conditions generally associated

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with the products, services, and activities of the digital asset

kiosk operator and digital assets.

1. The digital asset kiosk operator shall receive

acknowledgement of receipt of all disclosures required under this

act through confirmation of consent.

2. The disclosures under this act shall include:

a. a warning, written prominently and in bold type, and

provided separately from the disclosures below,

stating: “WARNING: LOSSES DUE TO FRAUDULENT OR

ACCIDENTAL TRANSACTIONS ARE NOT RECOVERABLE AND

TRANSACTIONS IN DIGITAL ASSETS ARE IRREVERSIBLE.

DIGITAL ASSET TRANSACTIONS MAY BE USED TO STEAL YOUR

MONEY BY CRIMINALS IMPERSONATING THE GOVERNMENT,

ORGANIZATIONS, OR YOUR LOVED ONES. THEY CAN THREATEN

JAIL TIME, SAY YOUR IDENTITY HAS BEEN STOLEN, ALLEGE

YOUR COMPUTER HAS BEEN HACKED, INSIST YOU WITHDRAW

MONEY FROM YOUR BANK ACCOUNT TO PURCHASE DIGITAL

ASSETS, OR A NUMBER OF OTHER SCAMS. IF YOU BELIEVE

YOU ARE BEING SCAMMED, CALL YOUR LOCAL LAW

ENFORCEMENT.”,
NS MAY BE USED TO STEAL YOUR

MONEY BY CRIMINALS IMPERSONATING THE GOVERNMENT,

ORGANIZATIONS, OR YOUR LOVED ONES. THEY CAN THREATEN

JAIL TIME, SAY YOUR IDENTITY HAS BEEN STOLEN, ALLEGE

YOUR COMPUTER HAS BEEN HACKED, INSIST YOU WITHDRAW

MONEY FROM YOUR BANK ACCOUNT TO PURCHASE DIGITAL

ASSETS, OR A NUMBER OF OTHER SCAMS. IF YOU BELIEVE

YOU ARE BEING SCAMMED, CALL YOUR LOCAL LAW

ENFORCEMENT.”,

b. the material risks associated with digital assets and

digital asset transactions including, but not limited

to:

(1) a warning that once completed, the transaction

may not be reversed,

(2) the digital asset kiosk operator’s liability for

unauthorized digital asset transactions,

(3) the digital asset customer’s liability for

unauthorized currency transactions,

(4) that digital assets are not legal tender, backed

or insured by the government, and accounts and

value balances are not subject to Federal Deposit

Insurance Corporation, National Credit Union

Administration, or Securities Investor Protection

Corporation protections,

(5) that some digital asset transactions are deemed

to be made when recorded on a public ledger,

which may not be the date or time when the person

initiates the transaction,

(6) that a digital asset’s value may be derived from

market participants’ continued willingness to

exchange currency for digital assets, which may

result in the permanent and total loss of a

particular digital asset’s value if the market

for digital assets disappears,

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(7) that a person who accepts a digital asset as

payment today is not required to accept and might

not accept a digital asset in the future,

(8) that the volatility and unpredictability of the

price of digital assets relative to currency may

result in a significant loss over a short period,

(9) that the nature of digital assets means that any

technological difficulties experienced by digital

asset kiosk operators may prevent access to or

use of a person’s digital assets, and

(10) that any bond maintained by the digital asset

kiosk operator for the benefit of a person may

not cover all losses a person incurs,

c. the amount of the transaction denominated in United

States dollars as well as the applicable digital

assets,

d. any fees or expenses charged by the digital asset

kiosk operator,

e. any applicable exchange rates,

f. a daily digital asset transaction limit of no more

than Two Thousand Dollars ($2,000.00) for new

customers,

g. notice of a change in the digital asset kiosk

operator’s rules or policies,

h. the name, address, and telephone number of the owner

of the digital asset kiosk and the days, times, and

means by which a customer can contact the owner for

customer assistance, displayed on or at the location

of the digital asset kiosk, or on the first screen of

the digital asset kiosk,

i. under what circumstances the digital asset kiosk

operator, without a court or government order,

discloses a person’s account information to third

parties, and

j. other disclosures that are customarily given in

connection with a digital asset transaction.

E. Upon each transaction’s completion, the digital asset kiosk

operator shall provide the customer with a receipt, in paper where

possible, in the language chosen by the customer containing the

following information:

1. The digital asset kiosk operator’s name and contact

information, including a telephone number to answer questions and

register complaints;

2. The type, value, date, and precise time of the transaction,

transaction hash, and each applicable digital asset address;

3. All fees charged;

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4. The exchange rate of the digital asset to United States

dollars;

5. A statement of the digital asset kiosk operator’s liability

for nondelivery or delayed delivery; and

6. A statement of the digital asset kiosk operator’s refund
e transaction,

transaction hash, and each applicable digital asset address;

3. All fees charged;

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4. The exchange rate of the digital asset to United States

dollars;

5. A statement of the digital asset kiosk operator’s liability

for nondelivery or delayed delivery; and

6. A statement of the digital asset kiosk operator’s refund

policy.

F. In the event that a paper receipt is not possible, the

digital asset kiosk operator shall post in a conspicuous manner

information by which a customer who has engaged in a digital asset

kiosk transaction can contact the digital asset kiosk operator to

obtain a copy of the receipt.

G. All digital asset kiosk operators shall use blockchain

technology to assist in the prevention of sending purchased digital

assets from a digital asset kiosk operator to a digital asset wallet

known to be affiliated with fraudulent activity at the time of a

transaction. The Banking Department may request evidence from any

digital asset kiosk operator of the current use of blockchain

analytics.

1. All digital asset kiosk operators shall take reasonable

steps to detect and prevent fraud, including establishing and

maintaining a written anti-fraud policy including, but not limited

to:

a. the identification and assessment of fraud-related

risk areas,

b. procedures and controls to protect against identified

risks,

c. allocation of responsibility for monitoring risks, and

d. procedures for the periodic evaluation and revision of

the anti-fraud procedures, controls, and monitoring

mechanisms.

2. Each digital asset kiosk operator shall designate and employ

a compliance officer with the following requirements:

a. the individual shall be qualified to coordinate and

monitor compliance with this act and all other

applicable federal and state laws, rules, and

regulations,

b. the individual shall be employed full-time by the

digital asset kiosk operator,

c. the designated compliance officer cannot be an

individual who owns more than twenty percent (20%) of

the digital asset kiosk by whom the individual is

employed, and

d. compliance responsibilities required under federal and

state laws, rules, and regulations shall be completed

by full-time employees of the digital asset kiosk

operator.

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3. A digital asset kiosk operator shall issue a refund to a new

customer for the full amount of all fraudulent transactions,

including all transaction fees and charges that were charged to the

customer pursuant to subsection I of this section, made while a new

customer. To receive a refund under this section, a new customer

shall have been fraudulently induced to engage in the digital asset

transactions and shall contact the digital asset kiosk operator and

the Office of the Attorney General to report the fraudulent nature

of the transactions within fourteen (14) days of the last fraudulent

transaction to occur while the customer was a new customer.

4. A digital asset kiosk operator shall issue a refund to an

existing customer who qualifies under this paragraph for the full

amount of all transaction fees and charges that were charged to the

customer pursuant to subsection I of this section upon the request

of the customer. To receive a refund under this paragraph, a

customer shall have been fraudulently induced to engage in digital

asset transactions and shall contact the digital asset kiosk

operator and the Office of the Attorney General to report the

fraudulent nature of the transaction within fourteen (14) days of

the transaction.

H. A digital asset kiosk operator shall not accept transactions

of more than Two Thousand Dollars ($2,000.00), or the equivalent in

digital assets, in a single day in connection with digital asset

kiosk transactions with a new customer in this state by one or more

digital asset kiosks.
y General to report the

fraudulent nature of the transaction within fourteen (14) days of

the transaction.

H. A digital asset kiosk operator shall not accept transactions

of more than Two Thousand Dollars ($2,000.00), or the equivalent in

digital assets, in a single day in connection with digital asset

kiosk transactions with a new customer in this state by one or more

digital asset kiosks.

I. The aggregate fees and charges directly or indirectly

charged to a customer related to a single transaction or series of

related transactions involving digital assets effected through a

digital asset kiosk in this state, including any difference between

the price charged to a customer to buy, sell, exchange, swap, or

convert digital assets and the prevailing market value of such

digital assets at the time of such transaction, shall not exceed

fifteen percent (15%) of the United States dollar equivalent of the

digital assets involved in the transaction or transactions.

J. All digital asset kiosk operators performing business in

this state shall provide live customer service at a minimum Monday

through Friday from 8:00 a.m. CST to 10:00 p.m. CST. The customer

service toll-free number shall be displayed on the digital asset

kiosk or the digital asset kiosk screens.

K. The Banking Department is authorized to promulgate rules

necessary to implement the provisions of this act.