{"id":52868,"date":"2025-03-19T09:08:57","date_gmt":"2025-03-19T09:08:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=52868"},"modified":"2025-03-19T09:08:57","modified_gmt":"2025-03-19T09:08:57","slug":"north-dakota-senate-passes-crypto-atm-bill-with-2000-daily-cap","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=52868","title":{"rendered":"North Dakota Senate Passes Crypto ATM Bill With $2,000 Daily Cap"},"content":{"rendered":"

The North Dakota Senate has approved a bill introducing new regulations for cryptocurrency ATMs while reinstating a daily transaction cap of $2,000 per user<\/span>, a provision <\/span>that<\/span> had previously been<\/span> removed by the state\u2019s House.<\/span><\/p>\n

On 18 March 2025, the Senate overwhelmingly <\/span>passed House Bill 1447<\/span><\/a> in a 45-1 vote. The vote signals a strong support for tighter controls on crypto ATMs to curb financial fraud. <\/span><\/p>\n

Originally introduced on 15 January 2025, the bill <\/span>sets out<\/span> to enhance consumer protection by imposing stricter licensing requirements and transaction limits for ATM operators.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n

Key Provisions In The Bill<\/span><\/h2>\n

Under the latest version of HB 1447, operators of cryptocurrency ATMs and kiosks will be required to obtain a money transmitter license to operate legally within the state. <\/span><\/p>\n

Additionally, customers will face a $2,000 daily withdrawal limit across all ATMs operated by a provider. The bill also mandates that ATMs display fraud warnings to alert users about potential scams.<\/span><\/p>\n

Initially, the bill proposed a stricter $1,000 daily transaction limit per customer. However, a House committee later amended the proposal in February, allowing customers to withdraw up to $2,000 <\/span>per day<\/span>, but only for their first five transactions within 30 days. <\/span><\/p>\n

The Senate has now removed the 30-day limitation, opting for a flat $2,000 <\/span>cap per day<\/span>.<\/span><\/p>\n

Before it becomes law, the bill must be sent back to the House <\/span>for approval of<\/span> the Senate\u2019s changes. If passed, it will head to Governor Kelly Armstrong, who will decide whether to sign it into law or veto it.<\/span><\/p>\n

BREAKING:<\/p>\n

NORTH DAKOTA SENATE APPROVES CRYPTO ATM REGULATIONS, REINSTATES $2K DAILY CAP PER USER pic.twitter.com\/r8KqFGMBJA<\/a><\/p>\n

\u2014 Litest (@LitestApp) March 19, 2025<\/a><\/p>\n\n

Beyond transaction limits, HB 1447 introduces blockchain analytics requirements for crypto ATM operators. <\/span><\/p>\n

These provisions mandate that companies monitor transactions for suspicious activity, report fraud to authorities, and submit quarterly reports detailing their ATM locations, customer transactions, and operator details.<\/span><\/p>\n

The bill\u2019s primary sponsor, Representative Steve Swiontek, emphasized the need for these measures during a legislative hearing on 22 January 2025. He said that the lack of regulation allowed criminals to exploit crypto ATMs.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n

Growing Regulatory Efforts Across US<\/span><\/h2>\n

North Dakota isn\u2019t alone in taking steps to regulate crypto ATMs. On 13 March 2025, Nebraska Governor Jim Pillen signed a similar law, the Controllable Electronic Record Fraud Prevention Act. This also aims to prevent fraud in crypto transactions.<\/span><\/p>\n

At the federal level, Senator Dick Durbin of Illinois introduced legislation on 25 February 2025 to regulate crypto ATMs nationwide. <\/span><\/p>\n

Durbin cited a real-life scam case in which a constituent was tricked into depositing $15,000 into a crypto ATM, believing it would prevent their arrest on fake charges.<\/span><\/p>\n

According to a September 2023 report from the Federal Trade Commission (FTC), fraud involving Bitcoin ATMs has surged nearly tenfold since 2020. Furthermore, losses exceeding $65 million in the first half of 2024 alone has been recorded.<\/span><\/p>\n

Furthermore, the report found that individuals aged 60 and older were three times more likely to be targeted by scammers through crypto ATMs.<\/span><\/p>\n

Despite rising concerns over fraud, the US remains the largest market for Bitcoin ATMs. Data from Coin ATM Radar shows that the US accounts for 78% of the global market, with 29,822 <\/span>machines in operation<\/span>.<\/span><\/p>\n

Canada ranks second. It hosts 3,486 crypto ATMs (9.2% of the global market).\u00a0 Meanwhile Australia follows in third place, with 1,613 ATMs, making up 4.3% of the market.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n

\n

Key Takeaways<\/h3>\n

North Dakota Senate passed a crypto ATM bill, reinstating a $2,000 daily withdrawal cap per user.<\/span> <\/p>\n

The bill mandates stricter regulations, requiring operators to obtain licenses, monitor transactions, and report fraud.<\/span> <\/p>\n

Crypto ATM fraud is rising, with losses exceeding $65 million in early 2024, prompting regulatory action across the U.S.<\/span> <\/p><\/div>\n

The post North Dakota Senate Passes Crypto ATM Bill With $2,000 Daily Cap<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The North Dakota Senate has approved a bill introducing new regulations for cryptocurrency ATMs while reinstating a daily transaction cap of $2,000 per user, a provision that had previously been removed by the state\u2019s House. On 18 March 2025, the Senate overwhelmingly passed House Bill 1447 in a 45-1 vote. The vote signals a strong […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52868","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52868"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52868"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52868\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}