1. A. In this chapter, the following terms have the meanings indicated.

2. B. Terms Defined

   1. (1) “Commissioner” has the meaning stated in Financial Institutions Article, §1-101, Annotated Code of Maryland.

   2. (2) “Electronic Notice of Fraud” means any

      1. (a) Any electronic communication from a User to an Operator expressing a concern that a transaction the User conducted using a Virtual Currency Service provided through the Operator’s Kiosk was a Fraudulent Transaction; and

      2. (b) Sent to an Operator using either:

         1. (i) A process established on the Operator’s website for submitting a Notice of Fraud through the website; or
         2. (ii) An email address the Operator uses for receiving Notices of Fraud.

   3. (3) “Fee” means any cost, charge, fee, or other expenses, however defined, collected by or on behalf of an Operator and collected from or charged to any User in connection with obtaining:

      1. (a) A Virtual Currency Service from a Kiosk; or
      2. (b) Any money transmission involving virtual currency facilitated through a Kiosk.
   4. (4) “Fixed Location Kiosk” means a Kiosk the Operator intends to operate at a single location for the calendar year in which the Kiosk is registered hereunder.

   5. (5) “Fraud” means:

      1. (a) Any common law fraud;
      2. (b) An intentional act or attempt to obtain something of value from a person through threats, willful misrepresentation, or representations made with a reckless disregard for the truth; or
      3. (c) Any willful false or reckless representation of a material fact, whether by words or by conduct, by false, reckless, or misleading allegations, or by concealment of that which should have been disclosed, which causes a person to act, or fail to act, to the detriment of the person’s interest.
   6. (6) “Fraudulent Transaction” means any transaction involving a User who obtains a Virtual Currency Service from a Kiosk in connection with the transaction if the User engaged in the transaction because of Fraud perpetrated by another person.

   7. (7) Kiosk.

      1. (a) “Kiosk” means a virtual currency kiosk
      2. (b) “Kiosk” includes any Fixed Location Kiosk and Mobile Kiosk.
   8. (8) “Mail” means first class United States mail, postage prepaid.
   9. (9) “Mobile Kiosk” means a Kiosk the Operator intends to operate at more than one location for the calendar year in which the Kiosk is registered.
   10. (10) “Money Transmission” has the meaning stated in Financial Institutions Article, §12-401, Annotated Code of Maryland.
   11. (11) “NMLS” has the meaning stated in Financial Institutions Article, §1-101, Annotated Code of Maryland.

   12. (12) “Non-Electronic Notice of Fraud” means:

       1. (a) Any verbal or written communication from a User to an Operator which expresses a concern that the transaction the User conducted with a Virtual Currency Service provided through the Operator’s Kiosk was a Fraudulent Transaction; and
       2. (b) Sent to an Operator in any manner that does not constitute an Electronic Notice of Fraud.

   13. (13) “Notice of Fraud” means any:

       1. (a) Electronic Notice of Fraud; and
       2. (b) Non-electronic Notice of Fraud.
   14. (14) “Operator” means a Virtual Currency Kiosk Operator.

   15. (15) User.

       1. (a) “User” means any person using a Kiosk located in the State to obtain a Virtual Currency Service.
       2. (b) “User” includes a person who authorizes a third party to obtain a Virtual Currency Service using a Kiosk on behalf of the User.
   16. (16) “Receipt” means the receipt an Operator must dispense or display to a User under Financial Institutions Article §12-1204, Annotated Code of Maryland.

   17. (17) “Registration Fee” means any fee imposed by the Commissioner to:

       1. (a) Register as an Operator; or
       2. (b) Register a Kiosk.
   18. (18) “State” means the state of Maryland.
   19. (19) “Virtual Currency” has the meaning stated in Financial Institutions Article, §12-1201, Annotated Code of Maryland.
   20. (20) “Virtual Currency Address” means an alphanumeric identifier representing a destination for a virtual currency transfer that is associated with a virtual currency wallet.
   21. (21) “Virtual Currency Kiosk” has the meaning stated in Financial Institutions Article, §12-1201, Annotated Code of Maryland.
   22. (22) “Virtual Currency Kiosk Operator” has the meaning stated in Financial Institutions Article, §12-1201, Annotated Code of Maryland.
   23. (23) “Virtual Currency Service” has the meaning stated in Financial Institutions Article, §12-1201, Annotated Code of Maryland.
   24. (24) “Virtual Currency Wallet” means a software application or other mechanism providing a means for holding, storing and transferring virtual currency.

Authority: Financial Institutions Article, §§2-105.1, and 12-1209, Annotated Code of Maryland

Effective date:

Regulations .01—.10 adopted as an emergency provision effective December 5, 2025 (52:26 Md. R. 1306); adopted permanently effective March 30, 2026 (53:6 Md. R. 286)