On May 12, the Arizona Legislature enacted HB 2387 which creates new fraud prevention requirements for cryptocurrency kiosk operators doing business in the state. The law requires cryptocurrency kiosk operators to, among other things, clearly and conspicuously disclose terms and conditions, provide two specific disclosure warnings that must be accepted prior to continuing the transaction, and to provide a physical or digital receipt with certain language upon completion of the transaction. The required disclosures emphasize the possibility of fraud that is associated with virtual currency transactions and reinforce the importance of contacting law enforcement in cases of suspected fraud. Furthermore, operators must provide 24/7 live customer service, and the toll-free number must be appropriately displayed.
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