California will regulate Bitcoin ATMs according to state law

2024-08-07 16:52:01

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ChainCatcher news, the city of Chico, California is seeking joint support from state legislation and local ordinances to better regulate Bitcoin ATMs. During a local government committee discussion on August 7, Butte County Chief Executive Officer Andy Pickett talked about the ongoing regulation of Bitcoin. Pickett reported on recent state-level legislation aimed at limiting fraud cases associated with Bitcoin ATMs.

In October 2023, a survey by the California legislature found that some cryptocurrency ATMs charge premiums of up to 33%, with some ATMs having limits as high as $50,000. As a result, a bill was passed to limit deposits to $1,000 per day.

Additionally, California requires that all cryptocurrency ATM transactions must provide receipts and disclose the operator's name.

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