Source: Cointelegraph Original: "{title}"

The North Dakota Senate has passed a cryptocurrency ATM bill, reinstating a provision originally removed by the state House of Representatives that limits daily transaction amounts for each user to $2,000.

The bill was passed on March 18 with a vote of 45 to 1. It was submitted to the state legislature on January 15, aiming to protect residents from scams by introducing a series of new regulations for cryptocurrency ATMs and their operators.

The latest version passed by the Senate requires cryptocurrency ATM and kiosk operators to obtain a money transmitter license within the state, set a daily withdrawal limit of $2,000 for customers, and issue scam warning notices.

Initially, the bill limited cryptocurrency ATM customers' transactions to $1,000 per day, but last month, the House committee relaxed this limit, allowing customers a daily limit of $2,000 for the first five transactions within a 30-day period.

Now, the Senate has raised the transaction limit to $2,000. The bill needs to return to the House for a vote on the amendments, after which North Dakota Governor Kelly Armstrong can choose to veto or sign the bill into law.

The bill also requires operators to use blockchain analysis tools to monitor suspicious activities, such as scams, report to authorities, and provide quarterly reports on terminal locations, names, and transaction data.

The latest version of House Bill 1447 requires local cryptocurrency ATM operators to obtain a money transmitter license within the state and sets forth other requirements. Source: North Dakota Legislature

At a hearing on January 22 before the North Dakota House Industry, Business and Labor Committee, the bill's primary sponsor, Representative Steve Swiontek, stated that current cryptocurrency ATMs lack protective measures, allowing "criminals to exploit these devices for theft."

Nebraska Governor Jim Pillen signed similar legislation on March 13—the "Controllable Electronic Records Fraud Prevention Act," aimed at combating fraud.

Meanwhile, Illinois Senator Dick Durbin (who previously served as chair of the Senate Judiciary Committee) introduced similar federal legislation on February 25.

Durbin mentioned that one of the motivations for introducing the new bill was a story from a voter who became a victim of a scam. The scammer claimed that authorities had issued an arrest warrant but could be avoided by paying a $15,000 fine through a cryptocurrency ATM.

The Federal Trade Commission (FTC) reported last September that fraud losses from Bitcoin (BTC) ATMs have increased nearly tenfold from 2020 to 2023, and are expected to exceed $65 million in the first half of 2024, with consumers aged 60 and older being three times more likely to be victims.

Data from Coin ATM Radar indicates that the United States still has the most Bitcoin ATMs, totaling 29,822, accounting for 78% of the global market.

The United States is the leader in the number of Bitcoin and cryptocurrency ATMs worldwide. Source: Coin ATM Radar

Canada ranks second, holding a 9.2% market share with 3,486 cryptocurrency ATMs; Australia ranks third with 1,613 cryptocurrency ATMs, accounting for 4.3% of the market.

Related: Nebraska Governor signs bill regulating cryptocurrency ATMs, citing rising fraud.

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