Wisconsin Lawmakers Renew Push to Regulate Crypto Kiosks Amid $247M Fraud Losses

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.