The U.S. State of North Dakota is close to creating a licensing regime for crypto ATMs after its Senate passed a bill that provides a regulatory framework for the industry.
Originally introduced on Jan. 15, House Bill 1447 aims to protect consumers from scams involving crypto ATMs by mandating operators to issue on-screen fraud warnings to users, obtain money transmitter licenses, use blockchain analytics software to detect and combat fraud, as well as submit quarterly reports on kiosk locations and transactions.
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Additionally, operators must appoint a compliance officer.
A report by TRM Labs found that crypto ATMs have facilitated at least $160 million in illicit transactions since 2019, CoinDesk previously reported, with law enforcement worldwide viewing them as a major money
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