Originally published on: August 07, 2024
The city of Chico in California is making moves to regulate Bitcoin ATMs with the backing of state laws and local ordinances. Andy Pickett, the chief administrative officer at the County of Butte, emphasized the importance of these efforts during a recent local government committee discussion.
State-level legislation has been introduced to combat fraud cases associated with Bitcoin ATMs. A legislative investigation in California revealed instances of crypto ATMs charging exorbitant premiums and having high withdrawal limits. In response, a bill was passed to restrict daily deposits to $1,000 and require receipts and disclosure of operator names for all transactions.
Pickett stressed the necessity of local regulation for Bitcoin ATMs, with each jurisdiction needing to establish its own ordinances. The sheer number of crypto ATMs in the City of Chico alone surpasses those in major economies like Hong Kong and Spain.
The United States boasts the largest share of the global Bitcoin ATM network, followed by Canada and Australia. California, with 2,872 crypto ATMs, plays a significant role in this network.
In a recent development, 660 crypto ATMs were removed from the global network, signaling the first decline in Bitcoin ATM installations this year.
California’s proactive approach to regulating Bitcoin ATMs demonstrates its commitment to combating fraud and ensuring transparency in cryptocurrency transactions. Stay informed about the latest developments in the world of crypto by subscribing to our newsletter for valuable insights and investment opportunities.