The governor of Nebraska, Jim Pillen, signed a law to protect against cryptocurrency fraud as crime skyrockets in crypto ATMs in the United States.
“Cryptocurrency is an essential, emerging industry, and we are striving to develop Nebraska with a cryptocurrency leader,” Says Governor Pillen on March 12 following the signing of the bill.
“An important part of these efforts is to make sure we have guards to avoid criminals to take advantage of Nebraskans,” he added.
Bipartisan law establishes “controlled Electronic Record Fraud Prevention Act,” designed to help fight fraud and protect the users of crypto kios and ATMs.
Source: Jim Pill
According to the Federal Trade Commission, the victims lost more than $ 65 million in crypto ATM fraud in the first half of 2024. “BTMS (Bitcoin ATM) fraud losses (Bitcoin) reported in September.
The bill, LB 609Introduced on January 22 by Senator Eliot Bostar. It sets that Crypto ATM and Kiosk operators must be licensed under Nebraska’s transmitted law and are registered and approved by the bank and finance Department. Operators should provide a quarterly report to the locations of the kiosk, name and transaction data.
It also implements transaction limits of $ 2,000 per day for new users and $ 5,000 per day for existing customers, and fees cannot exceed 18% of the transaction value.
New customers who report fraud within 90 days may receive a full refund including fees, while existing customers may be returned for fees associated with fraudulent transactions.
Kiosk Operators should also present fraud warnings and appoint a compliance officer to implement fraud steps, it said.
The US Crypto ATM network has been backing more than 1,200 machines earlier this month after Illinois Senator Dick Durbin Similar law was introduced.
Related: Nebraska Bill finds the fair play for crypto mining, sharing -owned
“Nebraska is open for business in the cryptocurrency space,” commented on the banking director Kelly Lammers, added, “the targets of our citizens … With crypto ATMs as part of their transfer method, we are about to have a team that will be closer even closer.”
While supporting Crypto, Nebraska has not yet joined 21 US States who proposed the law to promote strategic crypto reserves, According to On the Bitcoin Reserve monitor.
Magazine: Mystery Celeb Memecoin Scam Factory, HK Firm Dumps Bitcoin: Asia Express
