North Dakota sets $2,000 daily limit for crypto ATM transactions
North Dakota lawmakers have taken a decisive step toward regulating crypto ATMs, approving a bill imposing a $2,000 daily transaction limit per user.
On March 18, the state Senate passed House Bill 1447, advancing legislation designed to curb fraud and enhance oversight.
HB 1447 seeks to protect residents from rising fraud cases linked to crypto ATMs. According to Coin ATM Radar, North Dakota currently hosts around 45 Bitcoin ATMs out of approximately 29,730 machines across the United States.
With Senate approval secured, the bill will likely return to the House for further consideration before reaching the governor’s desk for final approval. If enacted, North Dakota would establish a stronger regulatory framework to address crypto ATM fraud while maintaining user accessibility.
Bill details
HB 1447 introduces stricter guidelines for crypto ATM operators, requiring them to obtain a money transmitter license before running their machines in North Dakota.
The bill requires clear and easily readable disclosures of terms and conditions in the customer’s preferred language.
It also mandates using blockchain analytics tools to detect fraudulent transactions, track suspicious wallet activity, and flag potential money laundering schemes. Regulators would be able to request proof that operators are using these tools effectively.
Crypto ATMs will also be required to display fraud warnings before processing transactions, helping users identify potential scams.
Additionally, operators must establish and maintain a written anti-fraud policy, ensuring proactive steps are taken to detect and prevent fraudulent activity.
The bill stated:
“A virtual – currency kiosk operator shall take reasonable steps to detect and prevent fraud, including establishing and maintaining a written antifraud policy.”
In addition to security measures, the legislation enforces a $2,000 daily withdrawal cap. Initially, lawmakers proposed a $1,000 limit, but the threshold was later raised to allow greater flexibility while maintaining fraud safeguards.
The bill mandates that ATM operators provide live assistance on weekdays from 8 A.M. to 10 P.M. Central Time to improve customer support. A toll-free customer service number must be prominently displayed on the machine or its interface.
The post North Dakota sets $2,000 daily limit for crypto ATM transactions appeared first on CryptoSlate.
Read More
Stablecoin bill advances in Senate: Could it strengthen US dollar dominance?
North Dakota sets $2,000 daily limit for crypto ATM transactions
North Dakota lawmakers have taken a decisive step toward regulating crypto ATMs, approving a bill imposing a $2,000 daily transaction limit per user.
On March 18, the state Senate passed House Bill 1447, advancing legislation designed to curb fraud and enhance oversight.
HB 1447 seeks to protect residents from rising fraud cases linked to crypto ATMs. According to Coin ATM Radar, North Dakota currently hosts around 45 Bitcoin ATMs out of approximately 29,730 machines across the United States.
With Senate approval secured, the bill will likely return to the House for further consideration before reaching the governor’s desk for final approval. If enacted, North Dakota would establish a stronger regulatory framework to address crypto ATM fraud while maintaining user accessibility.
Bill details
HB 1447 introduces stricter guidelines for crypto ATM operators, requiring them to obtain a money transmitter license before running their machines in North Dakota.
The bill requires clear and easily readable disclosures of terms and conditions in the customer’s preferred language.
It also mandates using blockchain analytics tools to detect fraudulent transactions, track suspicious wallet activity, and flag potential money laundering schemes. Regulators would be able to request proof that operators are using these tools effectively.
Crypto ATMs will also be required to display fraud warnings before processing transactions, helping users identify potential scams.
Additionally, operators must establish and maintain a written anti-fraud policy, ensuring proactive steps are taken to detect and prevent fraudulent activity.
The bill stated:
“A virtual – currency kiosk operator shall take reasonable steps to detect and prevent fraud, including establishing and maintaining a written antifraud policy.”
In addition to security measures, the legislation enforces a $2,000 daily withdrawal cap. Initially, lawmakers proposed a $1,000 limit, but the threshold was later raised to allow greater flexibility while maintaining fraud safeguards.
The bill mandates that ATM operators provide live assistance on weekdays from 8 A.M. to 10 P.M. Central Time to improve customer support. A toll-free customer service number must be prominently displayed on the machine or its interface.
The post North Dakota sets $2,000 daily limit for crypto ATM transactions appeared first on CryptoSlate.
Read More