The Wisconsin State Senate has introduced bill AB384 requiring Bitcoin ATMs to enforce full identity verification and limit transactions to $1,000 each day.
Identification Requirements for Bitcoin ATMs
Bill AB384 establishes strict requirements for the identification of users at Bitcoin ATMs. Operators are required to comply with ATM licensing and publish photos for ID verification. This aims to combat cryptocurrency-related fraud.
Transaction Limits and Compliance Costs
According to the new regulations, the transaction limit for Bitcoin ATMs is set at $1,000 per day. Operators are obligated to refund in cases of fraud. Enhanced compliance requirements may lead to increased operational costs for ATM operators, raising concerns among industry participants.
Impact of New Regulations on the Crypto Market
The introduction of new regulations in Wisconsin further emphasizes the trend of increasing regulation concerning crypto kiosks, marking efforts to combat illicit activities while streamlining crypto transactions. The new regulations could potentially lead to a decrease in transaction volumes, while also raising compliance costs.
The new regulations for Bitcoin ATMs in Wisconsin could significantly influence operators' approaches to compliance and affect the overall cryptocurrency market, highlighting the importance of adapting to changing conditions.
