The proposed bill, known as the "Cryptocurrency Kiosk Fraud Prevention Act," aims to prohibit the installation and operation of cryptocurrency kiosks within the state of Michigan. It defines key terms such as "cryptocurrency," "cryptocurrency kiosk," and "cryptocurrency kiosk operator," establishing a clear framework for understanding the scope of the legislation. The bill explicitly states that no person may install or operate a cryptocurrency kiosk, nor allow one to be installed or operated on their premises.

Violations of this prohibition will result in civil infractions, with specified fines for offenders. For a first violation, individuals may face fines ranging from $2,000 to $5,000, while subsequent violations will incur higher penalties, ranging from $5,000 to $10,000. This legislation seeks to enhance consumer protection and mitigate potential fraud associated with cryptocurrency transactions facilitated through kiosks.