On August 7, Andy Pickett, Chief Administrative Officer of Butte County, outlined efforts to better regulate Bitcoin ATMs.
Butte County Official Details Bitcoin ATM Regulation Efforts
Pickett highlighted recent state-level legislative measures aimed at curbing fraudulent activities associated with crypto ATMs. An investigation conducted in October 2023 revealed that some Bitcoin ATMs were charging exorbitant premiums, as high as 33%, and imposing deposit limits of up to $50,000.
In response, California lawmakers passed a bill that imposes a daily deposit limit of $1,000 for Bitcoin ATMs. Additionally, the legislation mandates that all transactions must come with a receipt and requires operators to disclose their names.
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More About Bitcoin ATMs
Chico, a city in California, has 347 active crypto ATMs, a figure that surpasses the number of such machines in several major global economies. It includes Hong Kong, Spain, Poland, and New Zealand. This concentration of ATMs is part of a broader trend in the United States totaling 31,649 machines. Canada follows with 7.7% of the global network, representing 2,961 ATMs, while Australia ranks third with 3% and 1,143 machines.
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The recent legislative and regulatory moves in California come amid a notable shift in the global Bitcoin ATM landscape. In July, the global network saw its first decline in Bitcoin ATM installations for the year, with 660 machines being removed. This reduction underscores the dynamic nature of the crypto ATM industry and highlights the need for effective regulation to address emerging issues.
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