Grosse Pointe Farms, a small Michigan town without crypto ATMs, has enacted an ordinance imposing strict regulations on these kiosks to safeguard residents from scams. The city council's decision followed a report of a local resident being defrauded at a nearby crypto ATM. In April, Michigan's Attorney General had already issued warnings about such scams. Council member Lev Wood emphasized the need for transparency, stating that the ordinance aims to assist residents. The unanimous vote makes Grosse Pointe Farms potentially the first municipality in Michigan to regulate crypto ATMs. The new rules require kiosks to register with the Department of Public Safety and operators to obtain a business license. Additionally, they mandate consumer protection warnings about fraud risks and set transaction limits for new users, including a $1,000 daily cap and a $5,000 limit over two weeks. This initiative reflects a growing trend, as other states like Arizona and California have also tightened regulations on crypto ATMs. Read more AI-generated news on: https://app.chaingpt.org/news