The US state of North Dakota is close to creating a licensing regime for crypto money machines after that Senate passed a bill providing a regulatory framework for the industry.

Originally introduced on January 15, House Bill 1447 aims to protect consumers from scams involving crypto-money machines by mandate operators to issue warnings on screen to users, get money transmitter licenses, use Blockchain Analytics software to detect and combat fraud, and submit quarterly reports of kiosk placements and transactions.

In addition, operators must appoint an compliance manager.

A report from TRM Labs found that crypto money machines have facilitated at least $ 160 million in illegal transactions since 2019, Coindesk previously reported, with law enforcement worldwide, which considers them a large laundering of laundering and fraud.

FTC data also shows an almost ten times increase in Bitcoin ATM fraud loss since 2020.

In the United Kingdom, Financial Conduct Authority, the country’s market regulator, has increased control over the sector with crashes on unregistered operators.

By 2024, FCA Olumid accused Osunkoya of driving illegal crypto money -giving machines that dealt with $ 3.4 million, marking the first such prosecution in the country. Osunkoya was recently sentenced to four years for its role in the illegal Crypto ATM network and was also convicted of forgery, using false identity documents and possession of criminal property.

With increasing fraud and regulatory control, the number of crypto money machines is not growing despite BTC’s award growth in 2024.