Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can I collect cryptocurrency information from participants in Michigan? What are the requirements?

Based on the provided context documents, there are no specific regulations or requirements regarding the collection of cryptocurrency information from participants in Michigan. However, it is important to note that any personal information collected from participants must comply with the Michigan Compiled Laws and any relevant regulations.

Under the Michigan Compiled Laws, any person receiving a request for information exempt from disclosure under the Freedom of Information Act must comply with the procedures and requirements of Act No. 442 of the Public Acts of 1976 [1.1]. Additionally, any internet gaming platform must provide an account statement with account details to an authorized participant on demand, which must include detailed account activity for at least 6 months [2.2]. All terms and conditions for internet wagering accounts must be included in the internal controls of the internet gaming operator or internet gaming platform provider and address all aspects of the internet wagering [2.3]. An applicant for a license under the act and these rules, at all times, has the burden of demonstrating to the board, by clear and convincing evidence, that the applicant is eligible and suitable to be granted and retain the license for which application is made under the applicable licensing standards and requirements of the act and these rules [3.2].

Furthermore, according to Rule 655 of the Michigan Administrative Code, to establish an internet wagering account, an internet gaming operator or internet gaming platform provider must create an electronic authorized participant file, which must include personal information such as the authorized participant’s legal name, date of birth, Social Security number or equivalent identification number, residential address, and other information used to verify their identity [2.1].

Therefore, while there are no specific regulations regarding the collection of cryptocurrency information from participants in Michigan, any personal information collected must comply with relevant regulations and licensing standards, and must be used for the purpose of verifying the participant’s identity for internet wagering accounts.

Source(s):
Jurisdiction

Michigan