The proposed bill, known as the "Cryptocurrency Exchange Kiosk Regulation Act," aims to establish regulations for the installation and operation of cryptocurrency exchange kiosks in Michigan. It defines key terms such as "cryptocurrency," "cryptocurrency exchange kiosk," "new user," and "operator," and outlines the responsibilities of operators. Notably, the bill imposes a daily transaction limit of $500 for individuals using these kiosks and mandates a 24-hour hold period for transactions conducted by new users. Additionally, kiosks must be located in secure areas and transactions must occur during normal business hours or when staff is present.

Operators are required to display warnings about the risks associated with cryptocurrency transactions and provide detailed receipts for each transaction. The bill also establishes civil penalties for operators who violate its provisions, with fines up to $10,000 for individual violations and up to $25,000 for repeated offenses. The Attorney General is granted authority to investigate violations, coordinate with law enforcement, and enforce compliance. The act emphasizes consumer protection and fraud prevention, and it will take effect 90 days after being enacted, contingent upon the passage of related legislation.