North Carolina has signed a new consumer protection law for virtual currency kiosks, including fraud warnings, transaction limits, maximum fee limits, and refund rights for fraud victims.
The Virtual Currency Kiosk Consumer Protection Act requires operators to display clear fraud warnings and imposes a $2,000 daily transaction limit on new customers. According to To the law.
Fees are capped at 12 percent of the transaction value, and victims of scams can obtain refunds within 30 days of reporting the incident.
The law places supervision with the Commissioner of Banks and requires licensing of operators as money transmitters.
These measures aim to reduce the risks associated with virtual currency kiosks while maintaining access to crypto services in the state.
Operators must comply with new standards to continue operating in North Carolina.
The legislation addresses growing concerns about cryptocurrency ATM scams that have cost North Carolinians millions of dollars.
Governor Josh Stein highlighted the need for updated laws to keep up with sophisticated scammers targeting everyday users.
He says Stein in a statement
“As technology and scammers change, so must our laws. According to the FBI, every year Americans lose millions of dollars to scams and scams involving cryptocurrency kiosks, including more than $12 million missing in North Carolina. This bill protects people from fraud when using virtual currency kiosks, requires machines to be licensed and regulated under state law, places limits on daily transactions, and provides fraud alert signs, live customer service, transaction receipts, and the ability to cancel a transaction that is still in progress. These reforms will help us Keeping people safe from bad actors.
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