The proposed bill would 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 use blockchain analytics to prevent fraud, maintain a written anti-fraud policy, and provide live customer service at all times. The bill also establishes definitions for "new customer" and "existing customer," along with specific transaction limits for each category. Moreover, the bill stipulates that operators must issue full refunds for fraudulently induced transactions if reported within 30 days, contingent upon a law enforcement report confirming the fraud. It sets a transaction limit of $2,000 for new customers in a single day while raising the limit for existing customers from $5,000 to $10,500. The Attorney General would be tasked with enforcing these provisions, and violations would be classified as unlawful business practices. Overall, these deletions and insertions aim to create a more secure and transparent environment for cryptocurrency transactions in Arizona.

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