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HOUSE BILL NO. 6077
A bill to prohibit the operation of virtual currency kiosks;
to provide for the powers and duties of certain state governmental
officers and entities; to prescribe penalties; and to provide
remedies.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act may be cited as the "virtual currency kiosk 1
prevention act". 2
Sec. 3. As used in this act: 3
(a) "Charges" means either of the following: 4
(i) Fees or expenses paid by a user to an operator as 5
June 11, 2026, Introduced by Reps. Tisdel, Kuhn and VanderWall and referred to Committee on
Regulatory Reform.
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compensation for the operator's facilitation of a virtual currency 1
transaction. 2
(ii) The difference between the market price of a virtual 3
currency that is purchased, sold, transferred, or exchanged by a 4
user in a virtual currency transaction and the price of the virtual 5
currency that is charged to the user by the operator. 6
(b) "Money" means a medium of exchange authorized or adopted 7
by the United States or a foreign government as a part of its 8
currency that is customarily used and accepted as a medium of 9
exchange in the country of issuance. The term includes a monetary 10
unit of account established by an intergovernmental organization or 11
by agreement between 2 or more governments. 12
(c) "Operate" means to remotely conduct or facilitate a 13
virtual currency transaction through a virtual currency kiosk on 14
behalf of and for compensation by the user of the virtual currency 15
kiosk in the form of charges assessed to the user. 16
(d) "Operator" means a person that owns or engages in the 17
business of operating a virtual currency kiosk, regardless of 18
whether the person provides custodial or noncustodial services with 19
regard to virtual currency. 20
(e) "Person" means an individual or a partnership, 21
corporation, limited liability company, association, governmental 22
entity, or other legal entity. 23
(f) "User" means an individual who initiates a virtual 24
currency transaction through a virtual currency kiosk for the 25
purpose of the individual's purchase, sale, transfer, or exchange 26
of virtual currency. 27
(g) "Virtual currency" means a natively electronic asset that 28
confers economic, proprietary, or access rights or powers and is 29
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recorded using cryptographically secured distributed ledger 1
technology or an analogous technology. 2
(h) "Virtual currency kiosk" means an electronic terminal that 3
enables the operator of the electronic terminal to conduct or 4
facilitate a virtual currency transaction on behalf of a third 5
party. Virtual currency kiosk includes, but is not limited to, an 6
electronic terminal that does either of the following: 7
(i) Connects to a separate virtual currency exchange that 8
performs the virtual currency transaction. 9
(ii) Draws on virtual currency that is in the possession of the 10
operator. 11
(i) "Virtual currency transaction" means a transaction 12
conducted through a virtual currency kiosk that involves either of 13
the following: 14
(i) An exchange of virtual currency for money, bank credit, or 15
another form of virtual currency. 16
(ii) An exchange of money or bank credit for virtual currency. 17
(j) "Vulnerable adult" means that term as defined in section 3 18
of the financial exploitation prevention act, 2020 PA 344, MCL 19
487.2083. 20
Sec. 5. (1) A person shall not intentionally, knowingly, or 21
recklessly operate a virtual currency kiosk in this state. 22
(2) A person shall not intentionally, knowingly, or recklessly 23
allow a virtual currency kiosk to be operated on any premises that 24
the person owns, leases, or controls in this state. 25
Sec. 7. (1) A person that violates section 5 is guilty of a 26
felony punishable as follows: 27
(a) Except as provided in subdivision (b), by 1 or more of the 28
following: 29
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(i) Imprisonment for not more than 5 years. 1
(ii) A fine of not more than $50,000.00 or 3 times the amount 2
of any transactions conducted due to the violation, whichever is 3
greater. 4
(iii) Not more than 500 hours of community service. 5
(b) If the violation involves a virtual currency transaction 6
conducted by a vulnerable adult, results in aggregate financial 7
losses that exceed $50,000.00, or involves a pattern of organized 8
fraudulent activity, by 1 or more of the following: 9
(i) Imprisonment for not more than 10 years. 10
(ii) A fine of not more than $100,000.00 or 3 times the amount 11
of any transactions conducted due to the violation, whichever is 12
greater. 13
(iii) Not more than 500 hours of community service. 14
(2) The attorney general or a county prosecutor may bring an 15
action to enforce this act. The court in an action brought under 16
this subsection may order 1 or more of the following forms of 17
relief: 18
(a) An injunction against a violation of this act. 19
(b) An order requiring a person to pay a fine imposed under 20
subsection (1). 21
(c) An order requiring a person that violated this act to 22
forfeit and pay to this state any charges that were collected by 23
the person during the period in which the person was in violation 24
of this act. 25
(d) An order requiring a person that violated this act to 26
forfeit to this state any virtual currency kiosk that is owned by 27
the person and located in this state. 28
(e) An award to the attorney general or county prosecutor of 29
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its costs associated with an investigation of a violation of this 1
act. 2
Enacting section 1. This act takes effect 90 days after the 3
date it is enacted into law. 4