Maryland § 12-1201

§ 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.