Michigan Bitcoin ATM Regulations

Licensing Requirements

Michigan’s Money Transmission Services Act 250 of 2006 provides for the licensing and regulation of money transmission in the state.

The law covers the selling or issuing of payment instruments or stored value devices and receiving money or monetary value for transmission.

Michigan has not enacted a separate Bitcoin ATM statute with state-specific transaction caps or fee caps.

Federal Requirements

Federal rules still matter even where a state has no Bitcoin ATM-specific statute.

• Register with FinCEN as a money services business when required by federal law.
• Maintain a written anti-money-laundering program, designate a compliance officer, and train kiosk support staff.
• Use customer identification, sanctions screening, and scam-escalation procedures sized to transaction risk.
• File Suspicious Activity Reports and Currency Transaction Reports when thresholds or facts require them.

Consumer Protection Resources

Michigan DIFS and Michigan Attorney General Consumer Protection Team is the main public contact for scam complaints and consumer questions in Michigan.

Consumers can start with Michigan DIFS and Michigan Attorney General Consumer Protection Team or call 877-999-6442.

• Michigan regulators publish cryptocurrency scam education and encourage prompt reporting of suspected fraud.
• Consumers can also verify state license status through the DIFS locator or NMLS Consumer Access.
• Keep receipts and wallet addresses if a transfer was connected to impersonation or investment fraud.

Legislative Reference

Primary state framework: Money Transmission Services Act 250 of 2006.

Primary regulator: Michigan Department of Insurance and Financial Services.

Michigan continues to rely on its general money transmission law and consumer-protection enforcement rather than a Bitcoin ATM-only statute.

Official source: state licensing and guidance materials.