IN HB1116

Summary of Indiana HEA 1116

• Prohibits any person from operating a virtual currency kiosk (cryptocurrency ATM) in Indiana, effective immediately upon passage

• Defines "virtual currency kiosk" as an electronic terminal that conducts or facilitates cryptocurrency transactions on behalf of users, including buying, selling, transferring, or exchanging virtual currency for money or other cryptocurrencies

• Violations constitute a deceptive consumer act, enforceable by the Indiana Attorney General with remedies and penalties under existing consumer protection law (IC 24-5-0.5)

• Courts may order violators to forfeit all charges collected from users, forfeit any kiosks located in Indiana, and pay investigation costs to the Attorney General

• Property owners who knowingly permit virtual currency kiosk operations on their premises may also face enforcement action