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 about their services and risks, obtain customer acknowledgment of these disclosures, and issue detailed transaction receipts. Additionally, operators would be required to implement anti-fraud measures, such as utilizing blockchain analytics, and to maintain a written anti-fraud policy. The bill also establishes definitions for "new" and "existing" customers based on transaction history and imposes a daily transaction limit of $2,000 for new customers. To ensure compliance with the new regulatory framework, the bill would delete outdated provisions that do not align with these updates. The Attorney General would be responsible for enforcing the new regulations, classifying any violations as unlawful business practices. Overall, the bill aims to create a safer environment for consumers engaging with cryptocurrency kiosks by implementing stringent operational guidelines and enhancing transparency in transactions.

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