Bill Text: MI HB6077 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Consumer protection: other; virtual currency kiosks; prohibit the operation of. Creates new act.
Sponsorship: Partisan Bill (Republican 3)
Status: (Introduced) 2026-06-16 - Bill Electronically Reproduced 06/11/2026 [HB6077 Detail]
Download: Michigan-2025-HB6077-Introduced.html
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 prevention act".
(a) "Charges" means either of the following:
(i) Fees or expenses paid by a user to an operator as compensation for the operator's facilitation of a virtual currency transaction.
(ii) The difference between the market price of a virtual currency that is purchased, sold, transferred, or exchanged by a user in a virtual currency transaction and the price of the virtual currency that is charged to the user by the operator.
(b) "Money" means a medium of exchange authorized or adopted by the United States or a foreign government as a part of its currency that is customarily used and accepted as a medium of exchange in the country of issuance. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more governments.
(c) "Operate" means to remotely conduct or facilitate a virtual currency transaction through a virtual currency kiosk on behalf of and for compensation by the user of the virtual currency kiosk in the form of charges assessed to the user.
(d) "Operator" means a person that owns or engages in the business of operating a virtual currency kiosk, regardless of whether the person provides custodial or noncustodial services with regard to virtual currency.
(e) "Person" means an individual or a partnership, corporation, limited liability company, association, governmental entity, or other legal entity.
(f) "User" means an individual who initiates a virtual currency transaction through a virtual currency kiosk for the purpose of the individual's purchase, sale, transfer, or exchange of virtual currency.
(g) "Virtual currency" means a natively electronic asset that confers economic, proprietary, or access rights or powers and is recorded using cryptographically secured distributed ledger technology or an analogous technology.
(h) "Virtual currency kiosk" means an electronic terminal that enables the operator of the electronic terminal to conduct or facilitate a virtual currency transaction on behalf of a third party. Virtual currency kiosk includes, but is not limited to, an electronic terminal that does either of the following:
(i) Connects to a separate virtual currency exchange that performs the virtual currency transaction.
(ii) Draws on virtual currency that is in the possession of the operator.
(i) "Virtual currency transaction" means a transaction conducted through a virtual currency kiosk that involves either of the following:
(i) An exchange of virtual currency for money, bank credit, or another form of virtual currency.
(ii) An exchange of money or bank credit for virtual currency.
(j) "Vulnerable adult" means that term as defined in section 3 of the financial exploitation prevention act, 2020 PA 344, MCL 487.2083.
Sec. 5. (1) A person shall not intentionally, knowingly, or recklessly operate a virtual currency kiosk in this state.
(2) A person shall not intentionally, knowingly, or recklessly allow a virtual currency kiosk to be operated on any premises that the person owns, leases, or controls in this state.
Sec. 7. (1) A person that violates section 5 is guilty of a felony punishable as follows:
(a) Except as provided in subdivision (b), by 1 or more of the following:
(i) Imprisonment for not more than 5 years.
(ii) A fine of not more than $50,000.00 or 3 times the amount of any transactions conducted due to the violation, whichever is greater.
(iii) Not more than 500 hours of community service.
(b) If the violation involves a virtual currency transaction conducted by a vulnerable adult, results in aggregate financial losses that exceed $50,000.00, or involves a pattern of organized fraudulent activity, by 1 or more of the following:
(i) Imprisonment for not more than 10 years.
(ii) A fine of not more than $100,000.00 or 3 times the amount of any transactions conducted due to the violation, whichever is greater.
(iii) Not more than 500 hours of community service.
(2) The attorney general or a county prosecutor may bring an action to enforce this act. The court in an action brought under this subsection may order 1 or more of the following forms of relief:
(a) An injunction against a violation of this act.
(b) An order requiring a person to pay a fine imposed under subsection (1).
(c) An order requiring a person that violated this act to forfeit and pay to this state any charges that were collected by the person during the period in which the person was in violation of this act.
(d) An order requiring a person that violated this act to forfeit to this state any virtual currency kiosk that is owned by the person and located in this state.
(e) An award to the attorney general or county prosecutor of its costs associated with an investigation of a violation of this act.
Enacting section 1. This act takes effect 90 days after the date it is enacted into law.
