California is considering a new regulation for Bitcoin ATMs, aiming to strengthen the regulatory framework for this emerging financial instrument through the synergy of state and local regulations. At a government committee meeting held in Chico on August 7, Butte County Executive Andy Pickett explained the urgency of the current regulation of Bitcoin ATMs. He mentioned a recent legislative move by the state government to curb the frequent fraud related to Bitcoin ATMs. According to an in-depth survey by the California Legislature in October this year, some cryptocurrency ATMs have a high premium of up to 33%, and some devices have a single transaction limit of up to $50,000, which undoubtedly exacerbates the market's opacity and risks.
In view of this, California has passed an important law to set a daily deposit limit of $1,000 for Bitcoin ATMs to curb the risk of money laundering and other illegal activities that may arise from large transactions. At the same time, the bill also requires all cryptocurrency ATMs to provide users with clear transaction receipts and publicly disclose the identity information of operators when transferring funds. This move is aimed at improving the transparency and traceability of transactions and protecting consumer rights from fraud. This series of measures marks a solid step forward for California in the field of digital currency regulation.
