The proposed bill, known as the "Cryptocurrency Kiosk Prohibition Act," aims to prohibit the installation and operation of cryptocurrency kiosks within the state of Michigan. It defines a cryptocurrency kiosk as any electronic terminal that facilitates the purchase, sale, or exchange of money for cryptocurrency or vice versa. The bill outlines the responsibilities of state and local governmental officers and entities in enforcing this prohibition and establishes civil sanctions for violations. Specifically, it states that individuals or entities are not allowed to install or operate cryptocurrency kiosks, nor can they permit such kiosks to be installed on their premises.

Violators of this prohibition may face civil fines of up to $100 per day for each day the violation occurs, with the county prosecutor or attorney general authorized to take action to collect these fines. Additionally, if a person holding a lottery sales agent license is found to have violated the prohibition, their license may be suspended for 90 days. The act is set to take effect 90 days after being enacted into law, contingent upon the passage of related legislation.