North Dakota Senate passes cryptocurrency ATM regulation bill that would limit daily transactions to $2,000

according to Cointelegraph, the Senate of North Dakota, USA, passed House Bill 1447 with 45 votes in favor and 1 vote against. The bill regulates cryptocurrency ATMs and reintroduces the provision of a daily transaction limit of $2000 per user, which was previously removed by the state House.

The bill requires cryptocurrency ATM and kiosk operators in the state to obtain a money transmission license, limits daily withdrawals for users on their ATM networks to $2000, and issues fraud alert notifications. The bill also requires operators to use blockchain analysis technology to monitor suspicious activities and report to authorities, as well as provide quarterly reports including terminal locations, names, and transaction data.

The bill now needs to return to the House for a vote on the modifications, and then it will be up to North Dakota Governor Kelly Armstrong to decide whether to sign it into law. Data from the US Federal Trade Commission shows that Bitcoin ATM fraud losses have increased nearly tenfold from 2020 to 2023, surpassing $65 million in the first half of 2024.