Wisconsin has proposed SB386, a bill that introduces new requirements for Bitcoin ATMs, including mandatory identity checks and transaction limits.
Proposed KYC Mandate and Transaction Limits for Bitcoin ATMs
Reports indicate that Wisconsin Senate's SB386 mandates operators of Bitcoin ATMs to conduct identity checks and limits transaction amounts to $1,000. This regulation aims to enhance oversight of cryptocurrency transactions, although primary confirmation of the bill's existence is lacking.
Reactions and Lack of Official Comments
Despite significant discussions surrounding the proposed legislation, no official comments have emerged from key figures in the crypto world. The Wisconsin Department of Financial Institutions has not issued any official statements regarding the bill. The news has generated mixed reactions, with some expressing privacy concerns over enhanced data collection while supporters argue for necessary oversight.
Comparing Regulations: Wisconsin vs. New York
Current practices in New York show mandatory KYC and licensing for cryptocurrency kiosks, setting a precedent that could influence states like Wisconsin with the proposed SB386.
If passed, SB386 in Wisconsin may significantly alter the operational framework for Bitcoin ATMs in the state, increasing regulatory oversight, though its future remains contingent on further deliberations.
