The North Dakota Senate in the United States passes a cryptocurrency ATM regulation bill

ChainCatcher news, according to Cointelegraph, the North Dakota Senate passed House Bill 1447 with a vote of 45 in favor and 1 against. This bill regulates cryptocurrency ATMs and reinstates the provision that sets a daily transaction limit of $2,000 per user, which had previously been removed by the state House.

The bill requires cryptocurrency ATM and self-service terminal operators to obtain a money transmission license in the state, limits users' daily withdrawal amounts to $2,000 from their ATM network, and issues fraud warning notifications. The bill also mandates operators to use blockchain analysis technology to monitor suspicious activities and report them to authorities, while providing quarterly reports that include terminal locations, names, and transaction data.

The bill now needs to return to the House for a vote on the amendments, after which North Dakota Governor Kelly Armstrong will decide whether to sign it into law. Data from the Federal Trade Commission shows that fraud losses from Bitcoin ATMs have increased nearly tenfold from 2020 to 2023, exceeding $65 million in the first half of 2024.