Virginia is pushing a bill to regulate cryptocurrency ATM kiosks across the state after the bill was approved by both the Senate and House and sent to the governor’s desk. If signed into law, the legislation will require licensing and reporting for operators, as well as strengthen consumer protections against scams.
Measures include banning kiosk advertising similar to traditional ATMs, setting daily and monthly transaction caps, verifying identities, and posting clear fraud warnings at machines. New users will have transactions held for 48 hours to allow refunds if fraud is suspected. The bill, sponsored by Representative Michelle Maldonado, stems from a surge in scams where victims are tricked into depositing cash to buy cryptocurrencies and then have their funds difficult to recover. Virginia is joining a group of US states actively tightening regulations on cryptocurrency ATMs.
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