North Dakota has introduced a new bill aimed at reducing crypto ATM-related scams. The bill seeks to cap transaction amounts and fees.
Objectives of the Bill
House Bill 1447 in North Dakota proposes limiting crypto ATM transactions to $1,000 per day and capping fees at $5 or 3% of the transaction amount. Lisa Kruse, commissioner of the Department of Financial Institutions, believes this will help address the growing concern of scams in the space.
Lawmakers' Opinions
House Representative Steve Swiontek argued that crypto ATMs, unlike traditional ones, lack adequate protection measures, making them vulnerable to fraudsters.
Potential Implications
Most crypto ATM operators welcome the idea of the new bill but express concerns that the restrictions might impact their operations, particularly in covering essential costs such as maintenance and security. On the flip side, lower fees could make crypto more accessible for general users.
The North Dakota bill aims to enhance the security of crypto ATM transactions. It could foster more transparency and competition in the market, providing users with more secure conditions for using cryptocurrencies.
