Wisconsin Lawmakers Renew Push to Regulate Crypto Kiosks Amid $247M Fraud Losses
Main Idea
Wisconsin lawmakers are proposing regulations for cryptocurrency kiosks following a significant increase in fraud, including a $1,000 daily transaction cap and stricter identity checks.
Key Points
1. Wisconsin lawmakers introduced twin bills (Senate Bill 386 and Assembly Bill 384) to regulate the state's 582 crypto kiosks, capping daily transactions at $1,000 per customer.
2. FinCEN reported a 99% surge in crypto kiosk-related scams in 2024, with losses reaching $247 million.
3. The proposed legislation requires operators to implement stricter identity checks (KYC and photo ID) and display fraud warnings on machines.
4. The bills also mandate refunds for fraud victims who report incidents within 30 days, aiming to protect vulnerable groups like the elderly.
5. Similar regulatory efforts are occurring globally, including Australia's AUSTRAC imposing transaction limits and Spokane, Washington, banning crypto ATMs entirely.
Description
Wisconsin legislators are making a renewed push to rein in cryptocurrency kiosks, filing a second bill in two weeks aimed at curbing fraud tied to the machines. Key Takeaways: Wisconsin lawmakers have introduced twin bills to regulate the state’s 582 crypto kiosks. FinCEN reported a 99% surge in kiosk-related scams in 2024, with losses reaching $247 million. The proposals cap daily transactions at $1,000. Senate Bill 386 , introduced Monday by Sen. Kelda Roys and six colleagues, mirrors Assembly...
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