California invoice goals to cap crypto ATM withdrawals at $1K per day to fight scams

California legislators have proposed a brand new invoice titled “Digital monetary asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in mild of rising scams. Moreover, beginning in 2025, the regulation would restrict operators’ charges to $5 or 15% (whichever is greater). The invoice, if accredited, would come into impact on Jan. 1, 2024.

The invoice was launched after legislative members visited a crypto ATM in Sacramento and located markups as excessive as 33% on some crypto belongings in contrast with their costs on crypto exchanges. On common, a crypto ATM prices charges between 12% and 25%, in line with a legislative evaluation.

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