SB 32: AN ACT relating to measures to strengthen Kentucky's economic infrastructure.

Summary

Amend KRS 369.130 to add and modify various definitions; create a new section of KRS 369.130 to 369.139 to prohibit the Commonwealth of Kentucky and governing authorities from issuing, recognizing as legal tender, accepting or requiring as payment, or participating in any test of central bank digital currency; create new sections of KRS 369.130 to 369.139 and KRS Chapter 393 to prohibit ownership of digital asset mining businesses by prohibited foreign parties; provide for enforcement by Attorney General and penalties for violation of prohibited foreign party prohibition; establish distribution of proceeds if digital asset mining business property is escheated due to a violation; amend KRS 45.345 to conform; amend KRS 42.500 to make technical corrections; permit the State Investment Commission to invest up to 10% of excess funds in bullion; prohibit State Investment Commission from investing in central bank digital currency; amend KRS 42.525 to make technical corrections; authorize the State Investment Commission to promulgate administrative regulations to carry out and effectuate certain authorized investments; establish Subtitle 13 of KRS Chapter 286 and create new sections thereof to regulate virtual currency kiosks; establish definitions; provide for enforcement by the commissioner of the Department of Financial Institutions; establish license requirements for virtual currency kiosks; require regulatory filings to be submitted to a nationwide licensing system registry; establish initial and renewal application processes and requirements, reporting, surety bond and tangible net worth, and change of control requirements for virtual currency kiosk operators; require the commissioner to promulgate administrative regulations to establish format, document submission, fee, and trade practice requirements for virtual currency kiosk operators; establish record retention requirements for persons required to be licensed as virtual currency kiosk operators; establish trade…

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Feb 18, 2026

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