Wisconsin Proposes New Regulations for Bitcoin Kiosks Amid Rising Fraud Concerns
Main Idea
Wisconsin lawmakers are proposing new regulations for Bitcoin kiosks to combat fraud, including licensing requirements, fee caps, and daily transaction limits.
Key Points
1. Senate Bill 386 and Assembly Bill 384 propose licensing and fee caps on crypto kiosks.
2. The regulations aim to limit daily transactions to $1,000 per customer to reduce high-value fraud.
3. Operator fees are proposed to be capped at $5 or 3% of the transaction to protect consumers from excessive charges.
4. The move comes amid a 99% increase in crypto kiosk fraud complaints, with losses totaling nearly $247 million last year.
5. Wisconsin currently has 582 Bitcoin ATMs that would be affected by the new regulations.
Description
Wisconsin’s new legislation aims to regulate crypto kiosks to protect consumers from fraud, which saw losses of nearly $247 million last year. Senate Bill 386 and Assembly Bill 384 propose
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