A bill that supervises cryptocurrency money machines to curb fraud has been signed in Nebraska in the law.
According to a March 12 press release Van de Nebraska -Gouverneur Jim Pillen, the new law, called the Adjustable electronic record fraud prevention lawintroduces stricter permits and reporting requirements for crypto ATM operators.
It was introduced as part of the legislative proposal 609, introduced by Senator Eliot Bostar on January 22.
Companies with crypto money machines must now have a permit under the Nebraska’s Money Shurmitters Act and receive approval from the Ministry of Bank and the finances of the State before they set up machines.
Furthermore, the legislation also imposes daily transaction limits. In particular, new users can only send up to $ 2,000 a day, while existing customers have a limit of $ 5,000. Costs are also regulated, with a maximum of 18% per transaction.
To tackle fraud, the bill requires ATM operators to show clear warnings about common scams and have a compliance officer employed to enforce anti-fraud measures.
New customers who report fraud within 90 days are eligible for full reimbursements, including costs, while existing users can repay reimbursements for fraudulent transactions.
In commentary on development, Pills described the move as part of Nebraska’s broader effort to support the crypto industry by placing “guardrails to prevent criminals from benefiting from Nebraskan.”
Civil servants have emphasized that transparency and consumer protection remain the top priorities for the state.
According to Nebraska Department of Banking Director Kelly Lammers, the state is “open to things in the cryptocurrency room”, but that comes with a responsibility to guarantee a fair and safe environment.
Those who use crypto money machines to operate Nebraskans will be further confronted, he added.
To enforce these new measures, Nebraska sets up a dedicated team to better follow crypto -atm activity. Lammers hinted that this unit will concentrate on following fraudulent transactions and guaranteeing compliance with the new regulations.
Similar concerns have led to various states, including Illinois, North Dakota and Arizona, restrictions, because crypto-atm-related fraud cases continue to rise.
Last month Illinois Senator Dick Durbin introduced the Crypto ATM -Fraud Prevention Act, which aims to impose transaction limits and to strengthen consumer protection.
On 8 February, the representative of Arizona David Marshall House Bill 2387 introduced and presented comparable limitations and licensees for KIOSK operators.
