MI HB5469

Requires virtual currency kiosk operators to disclose material risks before initial transactions, including that virtual currency is not legal tender, not backed by the U.S. government, and not protected by FDIC or SIPC insurance.

Mandates operators display fraud warnings asking customers if they were pressured to make payments or directed by callers claiming to be banks, police, or government agencies, and requires customers to confirm they control the receiving wallet.

Requires operators to use blockchain analytics to prevent transfers to wallets known for fraudulent activity and provide live toll-free customer service Monday through Friday, 8 a.m. to 10 p.m.

Operators must designate full-time compliance and consumer protection officers who cannot own more than 20% of the company, and must maintain written antifraud and enhanced due diligence policies.

Imposes quarterly reporting requirements to the Department of Insurance and Financial Services on kiosk locations, preempts local ordinances restricting kiosk use, and establishes civil fines up to $1,000 per knowing and willful violation.