The North Dakota Senate has approved legislation regulating cryptocurrency ATMs and implementing new restrictive measures.
New Transaction Limits
The North Dakota Senate has passed a bill capping daily transactions at cryptocurrency ATMs at $2,000 per user. Initially set at $1,000, the House committee increased the limit during earlier discussions.
Anti-Fraud Measures
The bill requires ATM operators to be licensed as money transmitters and to display fraud warnings at all machines. It also proposes using blockchain analytics to monitor suspicious activity and provide regular reports on kiosk locations and transaction data.
Regulatory Trends and National Practices
North Dakota joins other states in legislating against ATM-based fraud, following Nebraska's example. The Federal Trade Commission reported that fraud losses have increased tenfold from 2020 to 2023.
This bill highlights North Dakota's efforts to combat cryptocurrency-related fraud, reflecting broader trends at both state and national levels.
