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HB 5470

Financial institutions: money transmitters; money transmitter license; subject virtual currency kiosk to. Amends sec. 3 of 2006 PA 250 (MCL 487.1003). TIE BAR WITH: HB 5469'26

2025-2026 Regular Session Introduced by Joe Aragona and 1 co-sponsor

Michigan bill requires virtual currency kiosk operators to obtain money transmitter licenses for regulatory oversight and consumer protection compliance.

bill electronically reproduced 01/22/2026
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Bill Summary · HB 5470

Legislative bill overview

HB 5470 amends Michigan's money transmitter licensing law to bring virtual currency kiosks under regulatory oversight. The bill modifies the definition or requirements for money transmitters to explicitly include operators of cryptocurrency ATMs and similar devices that facilitate virtual currency transactions.

Why is this important

Virtual currency kiosks operate in a regulatory gray area in many states, creating potential consumer protection gaps and money laundering risks. This bill would require operators to obtain money transmitter licenses, ensuring they meet disclosure, bonding, and record-keeping requirements similar to traditional money services businesses.

Potential points of contention

  • Regulatory burden vs. innovation: Small kiosk operators may face significant compliance costs, potentially reducing market competition and availability of cryptocurrency services
  • Definition clarity: The bill's exact scope is unclear without seeing the amended language—determining what constitutes a "virtual currency kiosk" subject to licensing could create disputes
  • Consumer protection trade-off: While licensing protects consumers from fraud, it may also reduce accessibility for unbanked populations who use these kiosks, and could push services to unregulated platforms

Compiled from official sources — confirm details with the bill’s official record.

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