New Laws Aim to Regulate Bitcoin ATMs in Chico, California

King Newswire | August 20, 2024

Earlier, the pro-Bitcoin state laws and city ordinances of Chico in California are expected to cumulatively enhance the Available Light’s administration of the Bitcoin teller machines or ATMs.

In a local government committee talk held on Aug. 7, participating as the chief administrative officer at the County of Butte, Andy Pickett discussed the current actions to Bitcoin’s regulation.

Pickett described some of the most recent bills in states to curb fraudulent activities regarding Bitcoin ATMs.

California strengthens reporting requirements for crypto ATMs

In October 2023, a legislative examine of Californian discovered roughly one third of crypto ATMs imposing a forty percent added price, whereas a handful of ATMs positioned a limit on the number of crypto purchases at $50,000. Therefore to reduce deposit amount which had become a problem, a bill was made to regulate the amount of deposit per day to one thousand dollars. Also, in California, for all the transactions that take place through the crypto ATMs, the identification of the operator and their receipt are required.

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New Laws Aim to Regulate Bitcoin ATMs in Chico, California

California strengthens reporting requirements for crypto ATMs

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