North Dakota Senate passes the Crypto ATM bill that limits the sun -day transactions at $ 2K
The North Dakota Senate passed a bill that regulates crypto ATMs while replenishing a provision that covers daily transactions to $ 2,000 per user originally fell by the state’s house.
The Senate of the state passed House Bill 1447 on a 45-to-1 vote on March 18. The bill was introduced to the State Assembly Assembly on January 15 and aims to protect residents from scams by introducing a slate of new rules for crypto ATMs and their operators.
The latest Version of the bill passed by the Senate requires crypto ATM and kiosk operators To be licensed in the state as those who send money, limiting customer removal to their ATM network up to $ 2,000 per day, and issues with fraud warning issues.
Initially, the Bill Limited Crypto ATM Customer Transaction was $ 1,000 a day, but a home committee last month released limits, with a $ 2,000 in a day limit for the first five transactions in 30 days.
Today, the Senate has covered the transaction limitations for $ 2,000. The bill must be returned to the Chamber to vote on changes before the North Dakota governor Kelly Armstrong may be able to submit or sign the law.
The bill will also require operators to use Blockchain Analytics To monitor the weakening -suspected activity, such as fraud, and report it to the authorities, and provide a quarterly report to the locations of the kiosk, name and transaction data.
The latest version of House Bill 1447 requires local Crypto ATM operators licensed to the state as those who send money, among other requirements. Source: NORTH DAKOTA LAW ASSEMBLY
At the time of a North Dakota House Industry, Business and Labor Committee Hearing on January 22, the main sponsor of the bill, the home representative Steve Swiontek, Says Those crypto ATMs are currently lacking in protection measures, which “allowed criminals to take advantage of them for theft.”
Nebraska governor Jim Pillen had signed similar law law on March 13The controlled Electronic Record Fraud Prevention Act, designed to help fight fraud.
Meanwhile, US senator Dick Durbin of Illinois, former head of the Senate Judiciary Committee, suggested a similar federal law in February. 25.
DRURBIN mentioned a story from a constituency victimized by a scammer saying the authorities issued a warrant for their arrest but could pay a fine by a $ 15,000 deposit to a crypto ATM to prevent jail as a motivation for the introduction of the new law.
Related: ‘Biktima-blame’ Americans may impede the crypto scam-regulator reporting
In September, the Federal Trade Commission reported Loss of fraud in bitcoin (Btc) ATMs rose almost ten times from 2020 to 2023 and led $ 65 million in the first half of 2024, with consumers aged 60 and older three times more likely to be victimized.
Coins ATM Radar Data It is shown that the US still has the most Bitcoin ATM, with 29,822 machines representing 78% of the global market.
The United States is the leader of the world in the number of bitcoins and crypto ATMs. Source: Coins ATM Radar
Second is Canada’s rank, at 9.2% of the market and 3,486 crypto ATMs, while Australia is third with 1,613 crypto ATMs, representing 4.3% of the market.
