Wisconsin Democrats Propose Bill to Tighten Regulation of Cryptocurrency ATMs

Democratic lawmakers in #Wisconsin have just introduced a new bill aimed at tightening regulations on cryptocurrency ATMs. This move comes amid a surge in scams related to these machines, causing nearly $247 million in losses to victims last year.

Enhancing Consumer Protection

This bill, presented to the Wisconsin Senate and Assembly, requires operators of cryptocurrency ATMs #ATM to have a money transmission license. It also introduces consumer protection measures, including:

Strict identity verification requirements.

Clear display of scam warnings.

Daily transaction limits of $1,000 per customer.

Setting transaction fee caps at $5 or 3%.

Lawmakers argue that the lack of robust KYC (Know Your Customer) processes has made these ATMs ideal tools for money laundering and fraud.

Impact and General Trends

The bill also includes a mandatory refund policy for scam victims if they report to authorities within 30 days.

This event in Wisconsin reflects a general trend globally, where governments are increasingly concerned about tighter control over cryptocurrency-related activities to protect consumers. While these regulations may limit some transactions, experts believe they will build public trust and pave the way for safer and more sustainable cryptocurrency adoption. #anhbacong