Nebraska has introduced stricter regulations for cryptocurrency ATM operators, aiming to safeguard users against crypto-related fraud. Governor Jim Pillen signed Legislative Bill 609 (LB609) into law on March 12, establishing the Controllable Electronic Record Fraud Prevention Act.
The legislation mandates that cryptocurrency kiosk operators obtain licenses and submit quarterly reports to the Nebraska Department of Banking and Finance. They must also provide clear disclosures regarding risks, fees, and exchange rates, implement anti-fraud measures, and establish refund policies for fraudulent transactions.
The law’s supporters say it aims to foster a strong crypto industry while protecting consumers. Governor Pillen stated that Nebraska is committed to building a safe and robust crypto industry, with guardrails in place to prevent criminals from taking advantage of users.
The regulations also require operators to display consumer warnings and enforce transaction limits. Additionally, the legislation includes provisions for the forfeiture of controllable electronic records in criminal investigations.
Director of the Nebraska Department of Banking Kelly Lammers emphasized the state’s dedication to transparency and security within the crypto space, welcoming legitimate businesses to operate in the state while assuring consumers of their safety.
Source: https://news.bitcoin.com/nebraska-enforces-new-crypto-atm-rules-to-protect-consumers