Wisconsin Democrats submit Senate Companion Bill to keep crypto -kiosks in check

Wisconsin legislators have submitted their second legal attempt in two weeks to combat crypto kiosks, in response to a national increase in fraud that they say last year will cost nearly $ 247 million for almost $ 247 million.

Senate Bill 386Monday submitted by Senator Kelda Roys alongside six colleagues, Echos Assembly Bill 384Last month introduced by Rep. Ryan Spaude (D-Wis.) And ten co-sponsors.

The movements indicate urgency of Democrats to control digital currency terminals that are spread over gas stations and supermarkets throughout the state.

Both accounts arrive when the Financial Crimes Enforcement Network of the Treasury Department an urgent warning issued Documenting a peak of 99% in complaints from Crypto Kiosk fraud during 2024, with reported victim losses that jump 31% to almost $ 247 million.

The measures would force terminal operators in the Wisconsin’s money transmitter license system licensing system, while the protection of consumers, including compulsory fraud alerts, identity verification protocols and expenditure restrictions.

Wisconsin organizes 582 Bitcoin -money machines under 31,439 nationally operational, according to Munt ATM -Radar.

The identical accounts share the same regulation framework and requirements, with both referred to the Financial Institutions Committee.

Daily exchange limits are limited to $ 1,000 per customer, while the operator costs are also processed on “$ 5 or 3 percent of the transaction amount.”

Each machine must also show prominent warnings that “fraud alert! Criminals try to cheat virtual currency customers by acting as loved ones, government officials, law enforcement officials or charities”, according to the accounts.

“While Crypto -money machines were developed as a natural expansion of the Crypto Ecosystem, making useful purchases through physical kiosks possible, the absence of robust KYC protocols made them vulnerable to money laundering and illegal activities,” said Arjun Vijay, founded, Giottus, founded, Giottus, Teldte Giottus, Telled Exchangeregee Giott Decrypt.

The accounts require extensive identity deposits, including names, birth dates, addresses, telephone numbers and photo identification issued by the government before an initial transaction.

“Although it can limit high-quality transactions and reduce anonymity, the public builds up trust, the way clear for safer, more credible digital currency acceptance in daily transactions,” said Dileeep Kumar HV, director at Digital South Trust, said Decrypt.

The proposals also include a compulsory policy for reimbursement for victims of fraud who warn the authorities within 30 days, thereby tackling concern about crypto losses in older goals.

Wisconsin’s action follows internationally similar performance Australia Implement transaction limits and New -Zeeland Complete full prohibited.

In the US, that of Washington Spokane City Council voted To fully eliminate crypto kiosks after federal investigations into billions in fraud-related losses.

Both Wisconsin accounts are now waiting for the committee’s assessment in their respective chambers, whereby the requirements of the customer identification are in force 60 days after the passage if approved.