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. Key insertions include mandates for operators to provide clear disclosures of terms and conditions in the customer's chosen language, obtain customer acknowledgment of these disclosures, and issue detailed receipts after transactions. Additionally, operators would be required to implement blockchain analytics to prevent fraud and maintain a written anti-fraud policy. The bill also establishes definitions for "new customer" and "existing customer," along with specific transaction limits of $2,000 for new customers and $10,500 for existing customers. Moreover, the bill stipulates that operators must issue full refunds for transactions induced by fraud, contingent upon the customer reporting the incident to both the operator and law enforcement within 30 days. The Attorney General would be tasked with enforcing these provisions, and violations would be classified as unlawful business practices. Overall, these updates aim to create a more secure environment for cryptocurrency transactions while ensuring that consumers are adequately informed and protected.

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