Criminal Justice (Consumer Protection)

This bill, known as the Virtual Currency Kiosk Prevention Act, prohibits the operation of physical terminals in Michigan that facilitate buying, selling, or exchanging virtual currency for cash or bank credit. It defines these terminals as devices that connect to external exchanges or hold the operator's own virtual currency and applies to any business or individual running them. Violators face felony charges with penalties including up to five years in prison, fines of up to $50,000, or community service, with harsher sentences of up to ten years and higher fines if vulnerable adults are harmed or significant financial losses occur. The law also grants the attorney general and county prosecutors the power to seek injunctions, recover collected fees, and confiscate the kiosks themselves.