California Proposes Crypto ATM Regulations Amid Rising Fraud

In a bid to curb the rising tide of fraudulent activities, California lawmakers have introduced a measure termed “Digital Financial Asset Transaction Kiosks.” The measure advocates for a daily withdrawal limit of $1,000 from cryptocurrency ATMs. Furthermore, the bill proposes a cap on operators’ fees at $5 or 15%, whichever is greater, effective from the year 2025. If enacted, the implementation of these regulations is slated to commence on January 1, 2024.
The legislation came on the heels of a visit by legislative members to a cryptocurrency automated teller machine (ATM) in Sacramento. During the visit, they unearthed markups on certain cryptocurrencies that were as much …
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