Oklahoma enacts new licensing and compliance requirements for digital asset kiosk operators

On October 15, the Oklahoma State Banking Department issued a memo outlining new requirements stemming from the May 29 enactment of SB 1083, requiring all digital asset kiosk operators to be licensed as money transmitters under the Oklahoma Financial Transaction Reporting Act, effective November 1. Under the law, operators must notify the department before installing or relocating a kiosk, submit quarterly reports listing kiosk locations, and provide clear terms, conditions and receipts for all transactions. Additionally, operators must implement fraud prevention measures, designate a compliance officer, offer refunds to new and certain existing customers who have been defrauded, and maintain live customer support during specified hours. Finally, the law imposes limits on transaction amounts and fees and requires operators to maintain a $500,000 bond and pay a $50 fee per kiosk location.

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