§ 12-1201

(a) In this subtitle the following words have the meanings indicated.

(b) “Experienced user” means a person that is not a new user.

(c) “New user” means a person that is transacting with a virtual currency kiosk operator:

(1) For the first time; or

(2) Anytime in the 72 hours immediately following the person’s first transaction with the virtual currency kiosk operator.

(d) (1) “Virtual currency” means a digital representation of value that:

(i) Is used as a medium of exchange, unit of account, or store of value; and

(ii) Is not currency, as defined in § 12–802 of this title.

(2) “Virtual currency” does not include:

(i) A digital representation of value that can be redeemed for:

1. Goods, services, discounts, or purchases solely as part of a customer affinity or rewards program with the issuing merchant or other designated merchants, or both; or

2. Digital units in another customer affinity or rewards program that may not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; or

(ii) A digital representation of value issued by or on behalf of a publisher that:

1. Is used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform;

2. Has no market or application outside of the online game, game platform, or family of games;

3. May not directly or indirectly be converted into, redeemed, or exchanged for money, monetary value, bank credit, or virtual currency; and

4. May or may not be redeemable for real–world goods, services, discounts, or purchases.

(e) (1) “Virtual currency kiosk” means a stand–alone automated platform through which a consumer may deposit or receive cash or use a credit or debit card to obtain virtual currency services.

(2) “Virtual currency kiosk” does not include an automated teller machine, as defined in § 1–401(d) of this article.

(f) “Virtual currency kiosk operator” or “operator” means a person who owns or operates a virtual currency kiosk in the State.

(g) (1) “Virtual currency service” means:

(i) The conversion of a virtual currency to another form of virtual currency; or

(ii) The purchase, sale, exchange, swap, or transfer of virtual currency by any means.

(2) “Virtual currency service” includes any other activity that the Commissioner identifies as a virtual currency service by regulation.

(3) “Virtual currency service” does not include money transmission, as defined in § 12–401(p) of this title.