Wisconsin Bill Dey Enforce KYC and Licensing for Bitcoin ATMs
Wisconsin lawmakers don bring two bills (SB 386 and AB 384) wey go make sure say Bitcoin ATMs for the state dey monitored well well. The bills talk say operators must get state money transmitter license and do strict KYC checks—like government ID, photo, birth date, and contact details—for every transaction. Daily withdrawal no go pass $1,000, and fees no go pass $5 or 3% of the transaction. Each Bitcoin ATM must show big fraud warning and refund victims wey law enforcement identify inside 30 days. This move come because ATM fraud complaints don rise by 99% and loss reach $247 million in 2024, as FinCEN talk for recent alert about crypto kiosk risks. The bills target about 582 kiosks, dey wait for committee review, and go start after 60 days if them enact am. Traders suppose dey watch how kiosk use, fees, and user trust go change as stricter KYC and licensing come shake Bitcoin ATM business.
Bullish
Di proposed KYC and licensing rules for Bitcoin ATMs fit increase market trust by stopping fraud and making compliance better, which go help make Bitcoin more popular. Even though stricter KYC fit slow ATM transactions for now, the better security and less illegal wahala fit make more people, both institutions and small buyers, to join later. By making Bitcoin ATM environment safer, the bills suppose to get beta effect on BTC demand and market feeling.