{"id":234801,"date":"2024-01-24T03:52:19","date_gmt":"2024-01-23T22:22:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/florida-sets-to-legislate-crypto-atms-and-kiosks-under-new-bill-crypto-news\/"},"modified":"2024-01-24T03:52:21","modified_gmt":"2024-01-23T22:22:21","slug":"florida-sets-to-legislate-crypto-atms-and-kiosks-under-new-bill-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/florida-sets-to-legislate-crypto-atms-and-kiosks-under-new-bill-crypto-news\/","title":{"rendered":"Florida Sets to Legislate Crypto ATMs and Kiosks Under New Bill – Crypto News"},"content":{"rendered":"

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Republican Senator Colleen Burton has introduced Senate Bill 662, targeting Bitcoin and other virtual currency kiosks. This bill mandates state registration and supervision of virtual currency kiosk businesses to formalize the sector\u2019s regulatory framework in Florida.<\/span><\/p>\n

The bill, officially titled \u201cVirtual Currency Kiosk Businesses,\u201d demands that these businesses register with the state to operate legally. This move will bring all crypto ATMs and kiosks under regulatory scrutiny. Additionally, the bill stipulates that certain entities must acquire a license as money services businesses, adding another layer of oversight.<\/span><\/p>\n

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The bill defines crypto kiosks<\/span><\/h2>\n

One of the bill\u2019s critical aspects is its detailed definition and inclusion of terms like \u201c<\/span>Virtual currency kiosk<\/span><\/a>,\u201d \u201cVirtual currency kiosk business,\u201d and \u201cWallet.\u201d These definitions are crucial for understanding and regulating the specific activities and mechanisms of virtual currency transactions.<\/span><\/p>\n

The bill characterizes a \u201cVirtual currency kiosk\u201d as an electronic terminal facilitating the exchange of virtual currency for fiat currency, or vice versa. The term \u201cVirtual currency kiosk business\u201d refers to entities operating these kiosks and not classified as money transmitters.<\/span><\/p>\n

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The legislation also emphasizes the importance of disclosing specific risks associated with virtual currency transactions to customers. This requirement is part of a broader legislative intent to curb unlawful and fraudulent activities in the virtual currency domain.<\/span><\/p>\n

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US has 83% of the world\u2019s crypto ATMs<\/span><\/h2>\n

This proposal is among the several bills in the pipeline to regulate virtual currency operations in the US. Last year, California proposed a $1000 daily limit on\u00a0<\/span>crypto ATM<\/span><\/a>\u00a0withdrawals to curb scams.<\/span><\/p>\n

According to\u00a0<\/span>Coin ATM Radar<\/span><\/a>, there are over 34,746 crypto ATMs and kiosks operational worldwide, with the United States hosting a significant number of these\u2014approximately 29,043.<\/span><\/p>\n

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The footprint of virtual currency kiosks is expanding, with 71 countries, 43 producers, and 499 operators involved in this global network.<\/span><\/p>\n

This month,\u00a0<\/span>CoinGape<\/span><\/a>\u00a0reported that Bullet Blockchain acquired a network comprising 40 Bitcoin ATMs in the South Florida region.<\/span><\/p>\n

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