The Michigan town of Grosse Pointe Farms has introduced rules to regulate the operation of crypto ATMs, even though none currently exist there.
The city council voted unanimously on July 15 to approve the ordinance. They stated that it aims to help protect residents from fraud that has been on the rise across the state.
The decision came after reports of scams involving crypto ATMs in nearby towns. One resident of St. Clair Shores recently fell victim to such a scheme, which prompted the Grosse Pointe Farms council to take action before similar machines appeared locally.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Bitcoin & How Does it work? (Animated Explainer)
At the meeting, Council Member Lev Wood stated that the goal of the new rules was to clarify the process and mitigate risks for individuals who may not fully understand how the machines operate.
Additionally, City Attorney Bill Burgess explained the four key parts of the ordinance. First, operators must register their machines with the town’s Department of Public Safety. Second, anyone running a kiosk will need a valid business license from the city.
Third, all machines must display clear warnings about fraud risks and the fact that transactions cannot be reversed. Finally, limits will apply to new customers, which cap at $1,000 per day and $5,000 total over the first two weeks of use. After that period, these limits are lifted.
On July 9, New Zealand announced rules banning crypto ATMs nationwide and restricting overseas cash transfers. What did Associate Justice Minister Nicole McKee say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
