Consumer protection: other; cryptocurrency kiosks; prohibit the installation and operation of. Creates new act.

Summary

This Michigan bill prohibits any person from installing, operating, or allowing cryptocurrency kiosks to be installed or operated on property they own, lease, or control. The bill defines cryptocurrency kiosks as electronic terminals that facilitate the exchange of regular currency for cryptocurrency or vice versa. Violations are treated as civil infractions with fines ranging from $2,000 to $5,000 for a first offense and $5,000 to $10,000 for subsequent offenses.