The North Dakota Senate recently approved a bill that regulates cryptocurrency ATMs, reinstating a provision that limits daily transactions to $2,000 per user, a measure that the state’s House had initially removed. The Senate passed House Bill 1447 with a 45-to-1 vote on March 18. Introduced to the state’s legislative assembly on January 15, the bill aims to safeguard residents from scams by implementing new guidelines for crypto ATMs and their operators. The updated version of the bill mandates that crypto ATM and kiosk operators must obtain licenses as money transmitters in the state, restricts customer withdrawals to $2,000 per day across their network of ATMs, and mandates the issuance of fraud warning notices. Initially, the bill set a $1,000 daily limit for transactions, but a House committee revised it to allow a $2,000 limit for the first five transactions within a 30-day period. The Senate has now capped the transaction limits at $2,000, awaiting a vote from the House to finalize the changes before North Dakota Governor Kelly Armstrong can veto or enact the bill. Additionally, the bill requires operators to utilize blockchain analytics to monitor suspicious activities, report fraud to authorities, and provide quarterly reports on kiosk locations, names, and transaction data. This move aligns with efforts in other states, as Nebraska Governor Jim Pillen recently signed similar legislation into law, and US Senator Dick Durbin proposed federal legislation to combat ATM fraud. The Federal Trade Commission reported a significant increase in fraud losses at Bitcoin ATMs, prompting the need for stricter regulations in the cryptocurrency industry to protect consumers. With the US hosting the majority of Bitcoin ATMs globally, regulatory measures like the one passed in North Dakota are crucial to safeguard users and prevent fraudulent activities.