The North Dakota Senate passed a bill limiting daily transactions at crypto ATMs to $2,000 in a move to protect users from scams.
Regulating Crypto ATMs in North Dakota
On March 18, the North Dakota Senate passed House Bill 1447 with a vote of 45 to 1. This bill introduces new regulations for crypto ATM operators, including licensing requirements as money transmitters and a $2,000 daily transaction limit. Initially, the limit was set at $1,000, but was later increased to $2,000 after review by the House.
Additional Anti-Fraud Measures
The bill requires operators to use blockchain analytics to monitor suspicious activity and report to authorities. Representative Steve Swiontek stated the law aims to protect users from criminals potentially exploiting ATMs for theft. Similar legislation was recently enacted in states like Nebraska.
Global Crypto ATM Statistics
The US remains the world leader in crypto ATM installations, accounting for 78% of all machines. Canada ranks second with 9.2% of the market, followed by Australia with 4.3%.
The passage of the bill in North Dakota is part of a broader trend to strengthen regulations for crypto ATMs to safeguard consumers and increase system reliability.
