Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
U.S. senators representing Wisconsin have proposed legislation aimed at establishing stringent regulations for cryptocurrency ATM operators in the state.
The Wisconsin Senate has introduced Bill 386, which is intended to combat fraud associated with crypto ATMs.
As per the bill, all cryptocurrency ATM operators in Wisconsin will be mandated to:
- possess a valid money transmitter license;
- gather customer information (full name, date of birth, address, email, phone number);
- obtain a government-issued identification (passport or driver’s license) and capture a photograph of the customer;
- conduct identity verification for each transaction;
- show a fraud risk warning on the device within the user’s line of sight.
Related Posts
The maximum transaction limit per account will be set at $1,000 daily. Customer fees will be restricted to a maximum of $5 or 3% of the transaction amount. If a transaction is identified as fraudulent and verified by law enforcement within 30 days, the operator will be obligated to fully refund the customer.
As reported by Coin ATM Radar, Wisconsin currently has 582 cryptocurrency ATMs.
This initiative by local officials arises in response to alerts from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding an increase in crimes linked to crypto ATMs. The agency has noted that these devices are being increasingly utilized for illicit activities. In 2024, reports of crypto ATM fraud surged by 99%, with older individuals being particularly at risk. Losses attributed to crypto ATM fraud amounted to $247 million last year.
The bill has been forwarded to the U.S. House Committee on Financial Services and, if it receives approval, the regulations will be implemented within 60 days.
Previously, CP Media detailed how crypto ATMs differ from conventional ATMs, the advantages they provide while traveling, and the countries where they are most readily available.
Сообщение U.S. Plans Strict Regulation for Crypto ATMs появились сначала на CoinsPaid Media.
