Michigan HB5469 establishes consumer protection regulations for virtual currency kiosks.

Michigan HB5469, known as the "virtual currency kiosk consumer protection act," mandates that virtual currency kiosk operators in Michigan adhere to specific consumer protection measures. These include designating a compliance officer and a consumer protection officer, both of whom must be full-time employees and not own more than 20% of the operator. Operators must also provide clear disclosures about the risks and terms of virtual currency transactions, use blockchain analytics to prevent fraud, and maintain antifraud policies.

Michigan HB5469 establishes consumer protection regulations for virtual currency kiosks.

Michigan HB5469, known as the "virtual currency kiosk consumer protection act," mandates that virtual currency kiosk operators in Michigan adhere to specific consumer protection measures. These include designating a compliance officer and a consumer protection officer, both of whom must be full-time employees and not own more than 20% of the operator. Operators must also provide clear disclosures about the risks and terms of virtual currency transactions, use blockchain analytics to prevent fraud, and maintain antifraud policies.