Crypto kiosk regulations passed by North Dakota Senate – InForum #CriptoNews

BISMARCK — The North Dakota Senate on Tuesday, March 18, passed a bill to regulate cryptocurrency kiosks in response to rising concerns over crypto’s use in financial scams.

Simply put, crypto kiosks allow people to insert cash, turn it into cryptocurrency and deposit it into an electronic wallet. It also allows anyone with an electronic wallet to turn cryptocurrency into cash and withdraw it.

More than $6 million was stolen through cryptocurrency fraud in North Dakota in 2023, and the FBI received over 5,500 complaints involving crypto kiosks nationally in 2023, according to AARP.

House Bill 1447 would regulate virtual currency kiosks, also known as cryptocurrency kiosks or crypto ATMs. The proposal would license cryptocurrency kiosk operators in North Dakota, limit daily deposits to $2,000, require operators to conspicuously post scam warnings on the crypto ATMs, and require operators to use blockchain analytics to detect suspicious activity.

While the daily limit was removed in an amendment on the House side of the Legislature, the Senate added it back in before passing the bill.

It will now need to go back to the House for a vote on changes to the bill.

The AARP released a statement encouraging the House to concur with the Senate’s changes and send it to the governor for his signature.

The bill received a recommendation to pass from the Industry Business and Labor Committee, passed the House with an 87-3 vote, received a unanimous recommendation to pass from the Senate Industry and Business Committee and passed the Senate with a 45-1 vote.