The North Dakota House of Representatives has passed House Bill 1447, aimed at regulating cryptocurrency kiosks to combat fraud, according to a GovTech report. The bill, which passed 87-3, would require kiosk operators to obtain licenses, implement a $2,000 daily transaction limit for the first five transactions within 30 days of a user’s first transaction, utilize blockchain analytics software for fraud detection, and display scam warnings.
Supporters cite over $6 million in cryptocurrency fraud losses in North Dakota in 2023 and more than 5,500 related complaints nationally, according to AARP and the FBI, respectively, noting that scammers often direct victims to use these kiosks. Some lawmakers expressed concern that transaction and fee caps could hinder the growth of the industry.
The bill now moves to the state Senate for consideration.