Wisconsin’s Bold Move: Assembly Passes Cryptocurrency Kiosk Consumer Protection Bill

Wisconsin’s Bold Move: Assembly Passes Consumer Protection Bill

In a big step for crypto safety, the has passed a new law to protect people using . This bill aims to stop high fees and scams at these machines. It’s great news for anyone buying Bitcoin or other coins with cash.

Crypto kiosks, like Bitcoin ATMs, are popping up everywhere. They let you buy digital money fast. But many users lose cash to hidden costs. Now, wants to change that with clear rules.

What Are ?

are machines you see in stores, malls, or gas stations. They work like regular ATMs but for crypto. You put in cash, scan a wallet QR code, and get Bitcoin, Ethereum, or other coins sent to you.

These kiosks grew fast since 2013. Today, there are over 30,000 in the US. In , hundreds help people enter crypto without banks. But fees can hit 20-30%. That’s why rules are needed.

• Easy cash-to-crypto buys
• No bank account required
• Quick and private
• High fees and scam risks

Why Does Need This Bill?

Many users complain about surprise fees. A $500 buy might cost $100 extra. Scammers use fake kiosks or bad info. Reports show millions lost yearly to kiosk fraud.

The heard from victims. Rep. Alex Joers led the bill, AB 648. It passed with strong support on April 2024. Lawmakers say it’s time to protect everyday people in the crypto world.

High fees hurt new users most. They think crypto is cheap, but kiosks take a big cut. This bill makes things fair.

Key Rules in the

The bill sets simple, strong rules for kiosk owners:

1. Clear Fee Display: Machines must show all fees upfront. Max fee cap at 15% for most buys.
2. Registration: Operators must register with the state. Share location and owner info.
3. Transaction Limits: Daily buy limits to stop big scams. Users get receipts with details.
4. Warning Signs: Big signs about risks and how to check wallets.
5. Refunds: Easy way to report issues and get help.

These changes make kiosks safer. No more hidden tricks.

How Will This Help Consumers?

For users, it’s a win. You’ll know costs before buying. Less chance of scams. Newbies can trust kiosks more.

Experts say fees could drop 10-20%. More people might try crypto. In , this could boost local adoption safely.

“This bill puts consumers first in the fast-growing crypto space.” – Crypto advocate

What About Businesses?

Kiosk operators must follow rules or face fines. Some say it’s too strict. But most welcome fair play. It stops bad actors and builds trust.

Big firms like Bitcoin Depot support it. They already follow good practices. Small ops get time to adjust.

vs. Other States

joins a trend. New York has tough kiosk laws since 2018. California limits fees. Florida requires licenses.

More states may follow. Federal rules could come too.

What’s Next for the Bill?

The Assembly passed it. Now, the Senate reviews. Governor Tony Evers likely signs it. If approved, rules start in 2025.

Watch for updates. Crypto grows fast, so laws evolve.

Final Thoughts

The passing the is huge. It shows states care about safe crypto use. Users get protection without killing innovation.

Ready to use a kiosk? Check fees first. Stay safe in crypto. What do you think of this bill? Share below!

Stay tuned for more crypto news from and beyond.