Virginia · 2026 Regular Session · Bill
SB 489: Financial institutions and services; virtual currency kiosk operators, license required, penalties.
Enacted Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 489 is a bill introduced in the Virginia Senate on January 13, 2026. According to its official title, it concerns: Financial institutions and services; virtual currency kiosk operators, license required, penalties. Primary sponsor: Saddam Salim (Democratic). It lists 3 additional sponsors. Most recent recorded action (April 13, 2026): Acts of Assembly Chapter text (CHAP0655).
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Financial institutions and services; virtual currency kiosk operators; license required; penalties. Establishes requirements for the operation of virtual currency kiosks, as defined in the bill, including a requirement that a virtual currency kiosk operator obtain licensure with the State Corporation Commission. The bill requires operators to file annual and quarterly reports, provide certain disclosures, and take reasonable steps to detect and prevent fraud and money laundering. The bill prohibits operators from accepting transactions above specified daily and monthly limits and establishes a maximum transaction charge of 18 percent of the value of such transaction. A person who violates the bill's provisions is subject to a fine of up to $1,000 per violation as well as the existing enforcement provisions of the Virginia Consumer Protection Act. This bill is identical to HB 665.
Sponsors
Sponsors by party (alphabetical): Democratic 3
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Saddam Salim | Primary sponsor | Democratic | Senate | 37 |
| Michelle Lopes Maldonado | Co-sponsor | Not applicable (committee) | — | — |
| Sam Rasoul | Co-sponsor | Democratic | House | 38 |
| Irene Shin | Co-sponsor | Democratic | House | 8 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Acts of Assembly Chapter text (CHAP0655)
- Approved by Governor-Chapter 655 (effective 7/1/2026)
- Fiscal Impact Statement from State Corporation Commission (SB489)
- Governor's Action Deadline 11:59 p.m., April 13, 2026
- Enrolled Bill communicated to Governor on March 10, 2026
- Signed by President
- Signed by Speaker
- Bill text as passed Senate and House (SB489ER)
- Enrolled
- House Amendments agreed to by Senate (40-Y 0-A 0-A)
- Passed House with amendments (86-Y 10-N 0-A)
- Engrossed by House as amended
Showing 12 most recent of 36 actions. Full history