‍Wisconsin Proposes Strict Regulation for Crypto Kiosks Amidst Fraud Surge

Wisconsin lawmakers have introduced companion bills in the Senate and Assembly to regulate cryptocurrency kiosks, responding to a significant increase in fraud. The U.S. Treasury reported a 99% surge in crypto kiosk fraud complaints in 2024, with losses nearing $247 million.

The proposed legislation mandates that kiosk operators integrate with the state's money transmitter licensing system and implement robust consumer protections. These include prominent "FRAUD ALERT!" warnings, stringent identity verification, daily transaction limits capped at $1,000, and mandatory refund policies for fraud victims. Operator fees would be capped at "$5 or 3 percent of the transaction amount," whichever is lower.

These measures aim to enhance transparency and safety, addressing the vulnerabilities exploited by criminals. Industry experts generally support the move, noting that increased regulation builds public trust, despite potentially limiting anonymity and high-value trades.

https://cryptovka.ru/en/news/3660/wisconsin-moves-to-regulate-crypto-kiosks-amid-fraud-surge