1. A. Registration of Operator.

   1. (1) A person may not operate a Kiosk in the State after January 1, 2026, unless registered as an Operator with the Commissioner.

   2. (2) A person shall register through NMLS with the Commissioner as an Operator:

      1. (a) On or before January 1, 2026, if operating a Kiosk in the State on or before that date; or
      2. (b) Prior to operating a Kiosk in the State after January 1, 2026.

   3. (3) A person registering as an Operator shall pay:

      1. (a) The Commissioner a non-refundable Registration Fee of $2,000; and
      2. (b) Any cost or fee required by NMLS.

   4. (4) A person registering as an Operator shall provide through NMLS:

      1. (a) The legal name of the Operator and any trade name used by the Operator in accordance with Financial Institutions Article §2-121, Annotated Code of Maryland;
      2. (b) The address of the operator’s principal executive office;
      3. (c) The names of any persons directly or indirectly holding an ownership share of 10 percent or more of the operator;
      4. (d) A flow of funds for all Virtual Currency Services the Operator will offer through its Kiosks; and
      5. (e) Any other information the Commissioner requests.

2. B. Registration of Kiosks.

   1. (1) An Operator may not operate a Kiosk in the State on or after January 1, 2026, unless the Operator has registered that Kiosk with the Commissioner.

   2. (2) A person shall register each Kiosk operated in the State through NMLS with the Commissioner:

      1. (a) On or before January 1, 2026, if operating that Kiosk in the State on or before that date; or
      2. (b) Prior to operating that Kiosk in the State after January 1, 2026.

   3. (3) An Operator registering a Kiosk shall pay:

      1. (a) The Commissioner a non-refundable Registration Fee of $200 for each registered Kiosk; and
      2. (b) Any fee required by NMLS.

   4. (4) An Operator registering a Kiosk shall provide through NMLS:

      1. (a) Unique identifying information for the Kiosk, such as the manufacturer name, model number, serial number, or asset tag;
      2. (b) If the Kiosk is a Fixed Location Kiosk, the address at which the Kiosk will be operated;

      3. (c) If the Kiosk is a Mobile Kiosk:

         1. (i) The address of each location at which the Operator expects to operate the Kiosk for more than 30 calendar days; and
         2. (ii) The geographic area encompassing the locations at which the Operator expects to operate the Kiosk for 30 calendar days or less;
      4. (d) A description of all services to be provided by the Kiosk; and
      5. (e) Any other information the Commissioner requests.
   5. (5) An Operator shall designate a Kiosk intended for use as a Fixed Location Kiosk as a Fixed Location Kiosk through NMLS in accordance with the process the Commissioner requires.
   6. (6) An Operator shall designate a Kiosk intended for use as a Mobile Kiosk as a Mobile Kiosk through NMLS in accordance with the process the Commissioner requires.
   7. (7) An Operator may only operate a Kiosk at the address or, if a Mobile Kiosk, in the geographic area listed for that Kiosk in NMLS.

   8. (8) An Operator may change the designation of a Kiosk as either a Mobile Kiosk or a Fixed Location Kiosk through NMLS by:

      1. (a) Changing the designation through the process the Commissioner requires;
      2. (b) Paying any required fee; and
      3. (c) Updating the Kiosk’s location information.
   9. (9) Contemporaneously with changing a Kiosk’s location, an Operator must update information in NMLS to accurately reflect the new location.

3. C. Term of Registrations and Renewals.

   1. (1) The term of any registration under this regulation shall:

      1. (a) Begin the day the Operator completes the registration in NMLS; and

      2. (b) Expire on December 31 of the year:

         1. (i) The Operator completes the registration, if completed before November 1; or
         2. (ii) Succeeding the year the Operator completes the registration, if completed between November 1 and December 31.

   2. (2) On or after November 1 of each year, registration as an Operator and for each individual Kiosk under this regulation may be renewed for a 1-year term if the Operator:

      1. (a) Is otherwise entitled to be registered;
      2. (b) Completes the renewal process established through NMLS;
      3. (c) Provides through NMLS any information the Commissioner requests as part of the renewal;
      4. (d) Submits through NMLS the annual report required by Regulation .08 of this chapter;
      5. (e) Pays any fees imposed by NMLS;
      6. (f) Pays the Commissioner a non-refundable Registration Fee of $2,000 to register as an Operator; and
      7. (g) Pays the Commissioner a non-refundable Registration Fee of $200 for each Kiosk the Operator intends to operate in the State.
4. D. A person may not renew registration for a Kiosk unless the person has renewed its registration as an Operator.
5. E. All Registration Fees shall be paid to the Commissioner through NMLS.

6. F. Money Transmission.

   1. (1) Registration as an Operator does not exempt a person from licensure under Financial Institutions Article, Title 12, Subtitle 4, Annotated Code of Maryland, if one or more Kiosks operated by the Operator facilitate money transmission.
   2. (2) Possession of a license, or exemption from licensure, under Financial Institutions Article, Title 12, Subtitle 4, Annotated Code of Maryland, does not exempt a person from registration under Financial Institutions Article, Title 12, Subtitle 12, Annotated Code of Maryland, if that person operates a Kiosk offering virtual currency services.
   3. (3) A Kiosk shall be deemed to facilitate money transmission if it is capable of facilitating money transmission, regardless of whether the Operator purports to offer money transmission services through that kiosk, unless the Operator disables this function and prevents such facilitation.

   4. (4) An Operator offering both Virtual Currency Services and money transmission through a Kiosk shall fully comply with all applicable provisions of:

      1. (a) Financial Institutions Article, Title 12, Subtitle 4, Annotated Code of Maryland, and all regulations issued thereunder; and
      2. (b) Financial Institutions Article, Title 12, Subtitle 12, Annotated Code of Maryland, and all regulations issued thereunder.

7. G. Other Services.

   1. (1) An Operator may only offer the following services through a Kiosk:

      1. (a) Virtual Currency Services;
      2. (b) Money transmission, provided the Operator complies with the licensing provisions of Financial Institutions Article, Title 12, Subtitle 4, Annotated Code of Maryland; and
      3. (c) Any other service State law expressly authorizes an operator to offer through a Kiosk.
   2. (2) Any service offered through a Kiosk must comply with all State law relating to that service, including all applicable licensing or registration requirements.

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)