The proposed bill would significantly update current statutes governing cryptocurrency kiosk operations in Arizona by introducing new requirements aimed at enhancing consumer protection. Specifically, it mandates that operators provide clear and comprehensible disclosures regarding the terms and conditions of their services in the customer's chosen language, obtain customer acknowledgment of these disclosures, and issue detailed receipts after transactions. Additionally, operators would be required to utilize blockchain analytics to prevent fraud and maintain a written anti-fraud policy, ensuring compliance with federal laws. Furthermore, the bill establishes limits on transaction amounts for new customers, defines a "new customer" as someone who has engaged with the kiosk for less than ten days, and mandates that operators issue full refunds for transactions deemed fraudulent if reported within a specified timeframe. The Attorney General would be designated to enforce these regulations, with any violations classified as unlawful business practices. Overall, these updates aim to create a safer 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