North Dakota Senate passes bill to regulate crypto ATMs

A Northern Dakota bill, which places various guarantees on automatic cryptocurrency tickets, including a daily transaction ceiling and compulsory fraud warnings, the Senate adopted.

On March 18, the bill in Chamber 1447 authorized the Senate in a Voting from 45 to 1bringing closer to the law. The bill, presented in January, is designed to curb the scams and strengthen the surveillance of Cryptographic ATM operators.

If signed, the bill would force ATM operators to be authorized as money issuers and apply a daily transaction limit of $ 2,000 to their machines. It also requires fraud warnings in kiosks and quarterly reports on ATM locations, transaction data and operator details.

As before reported By Crypto.News, the bill initially offered a daily ceiling of $ 1,000, but the legislators then adjusted the limit to $ 2,000 for the first five transactions within 30 days. Now the Senate has simplified it to a right ceiling of $ 2,000 per day.

In addition, operators must use the blockchain analysis to report suspicious activity and report potential fraud to the authorities.

The bill now returns to the House for the approval of these changes before landing on the office of Governor Kelly Armstrong.

As the scams in ATM Crypto become more popular, the bill aims to introduce essential guarantees to protect residents from financial losses.

During a January 22 hearing, Lisa Kruse, a commissioner of the Northern Dakota financial institutions, noted that the inhabitants had filed 103 crypto complaints to the Crypto to the FBI in 2023, with reported losses reaching $ 6.5 million.

Meanwhile, the representative of the Steve Swiontek Chamber, who sponsored the bill, argued that the lack of regulation made an Easy Crypto ATM for crypto crooks.

ATMs are widely available in the United States, with Nearly 30,000 machines in operation. However, increasing fraud case have prompted regulators to introduce new laws to resolve abuses.

Last week, the governor of Nebraska Jim Pillen signed a similar billtightening rules for Cryptographic ATM operators. The controllable Electronic Record Fraud Prevention Act, which is part of the 609 legislative bill, has presented new license and declaration requirements to limit fraud.