TechFlow reported on March 19 that, according to Cointelegraph, the North Dakota Senate passed House Bill 1447 by a vote of 45 in favor and 1 opposed. The bill regulates cryptocurrency ATMs and reinstates a provision setting a $2,000 daily transaction limit per user, which had previously been removed by the state House of Representatives.
The bill requires operators of cryptocurrency ATMs and self-service kiosks to obtain a money transmission license in the state, limits users to a daily withdrawal cap of $2,000 across their ATM network, and mandates the display of fraud warning notices. It also requires operators to use blockchain analytics tools to monitor and report suspicious activities to authorities, as well as submit quarterly reports containing information on kiosk locations, names, and transaction data.
The bill now returns to the House for a vote on the amendments before potentially being signed into law by North Dakota Governor Kelly Armstrong. According to data from the U.S. Federal Trade Commission, losses from Bitcoin ATM scams increased nearly tenfold between 2020 and 2023, exceeding $65 million in the first half of 2024 alone.
