The proposed bill would significantly update current statutes governing cryptocurrency kiosk operations in Arizona by introducing new requirements aimed at enhancing consumer protection and fraud prevention. Specifically, it would require operators to disclose all relevant terms and conditions clearly, obtain customer acknowledgment of these disclosures, and provide detailed transaction receipts in the customer's chosen language. Additionally, operators would be mandated to implement blockchain analytics to prevent fraud, maintain a written anti-fraud policy, and issue full refunds for fraudulently induced transactions under certain conditions. Moreover, the bill would establish definitions for key terms such as "new customer" and "existing customer," and set transaction limits of $2,000 for new customers and $10,500 for existing customers in a single day. The Attorney General would be designated as the enforcement authority, with violations classified as unlawful business practices. Overall, these updates aim to create a safer and more transparent environment for consumers engaging with cryptocurrency kiosks.

Statutes affected:
Introduced Version: 6-1236
House Engrossed Version: 6-1236
Senate Engrossed Version: 6-1236
Chaptered Version: 6-1236