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first_img Albuquerque has banned Bitcoin ATMs, requiring operators to remove them within 45 days

The city council of Albuquerque, New Mexico, passed an ordinance on Wednesday prohibiting the operation of cryptocurrency ATMs (cryptocurrency vending machines) within the city limits, while also banning cashier-assisted virtual currency transactions. The city government will notify known operators and retailers hosting the machines, requiring them to remove the relevant equipment within 45 days.The ordinance was jointly initiated by District 1 Councilor Stephanie Telles and District 7 Councilor Tammy Fiebelkorn. Telles stated that 90% of cryptocurrency ATM transactions in Albuquerque are related to fraud, claiming that these machines are primarily exploited by scammers, organized crime, and human traffickers due to the instant, anonymous, and irreversible nature of transactions. Fiebelkorn remarked that we cannot wait for federal regulators to resolve the crisis. The city council emphasized that residents can still freely hold, mine, and transfer cryptocurrencies through online exchanges and personal wallets.In terms of background, Indiana banned such machines statewide in March, Tennessee in July, and Minnesota in August; Delaware has advanced related legislation, New Jersey is considering it, and Texas is also brewing a ban. One of North America's largest operators, Bitcoin Depot, filed for bankruptcy protection in May and removed about 9,700 machines. According to data from the FBI, nearly 11,000 complaints of vending machine fraud were received in 2024, involving amounts exceeding $246 million.

first_img Thailand implements cryptocurrency travel regulations requiring verification of ownership of self-custody wallets

The Securities and Exchange Commission of Thailand (SEC) has officially approved the travel rule for crypto assets, requiring digital asset operators to verify the ownership or control of wallets when customers send or receive crypto assets to self-custody wallets, and to retain transaction-related information for at least five years for regulatory review. Pornanong Budsaratragoon, Secretary-General of the Thai SEC, stated that the rule aims to reduce the risk of digital asset operators being used for money laundering and terrorist financing.The new regulations were finalized after two rounds of public consultations this year, with the first round presenting a draft in March and a notification draft released in June. The Thai SEC stated that most stakeholders expressed support. As the travel rule is implemented, Thailand is considering expanding the access to regulated crypto products. On Monday, the Thai SEC proposed allowing intermediaries to offer specific crypto derivatives traded on regulated overseas exchanges to retail investors.In the days prior, regulators also advanced the draft rules for spot Bitcoin and Ethereum exchange-traded funds (ETFs) and simultaneously sought opinions on the foreign digital asset custodians used by funds investing in crypto assets. Thailand's move aligns with global regulatory trends, as the Financial Action Task Force (FATF) estimates that by 2026, 83% of surveyed jurisdictions will have enacted travel rule legislation.
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