Lawmakers in North Dakota have advanced a bill that imposes stricter regulations on cryptocurrency ATMs, including a $2,000 cap on daily transactions per user.
The state Senate supported House Bill 1447 with a 45-1 vote on March 18, restoring the limit after it was initially removed by the House.
The bill, introduced on January 15, is designed to reduce fraud by tightening oversight of crypto ATMs. It requires operators to obtain a money transmitter license, provide fraud warnings at kiosks, and use blockchain analytics to monitor for suspicious activity. Additionally, operators must submit quarterly reports detailing ATM locations, ownership, and transaction records.
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When first proposed, the bill set a $1,000 daily transaction limit, but a House committee later raised the cap to $2,000, which allows users to make up to five transactions within 30 days. The Senate has now simplified the rule by enforcing a flat $2,000 daily limit across all machines operated by a single provider.
Since the Senate’s version differs from what the House previously approved, the bill must return to the House for another vote.
During a legislative hearing on January 22, Representative Steve Swiontek, the bill’s sponsor, highlighted how unregulated crypto ATMs have become an easy target for scams. The proposed requirements aim to protect users while ensuring that legitimate transactions continue.
North Dakota is not alone in addressing crypto ATM security concerns. Nebraska recently took similar steps, with Governor Jim Pillen signing the Controllable Electronic Record Fraud Prevention Act into law on March 13. What does the bill entail? Read the full story.
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