to leave a comment.
▲ Bitcoin (BTC), Cryptocurrency ATM, Cryptocurrency Regulation/AI-generated image
The US state of Tennessee will completely ban the operation of virtual asset automated teller machines (ATMs) and kiosks, including Bitcoin (BTC).
According to a report by The Crypto Basic, a virtual asset specialized media outlet, on April 28 (local time), Tennessee Governor Bill Lee has finally signed House Bill 2505 (HB 2505), which prohibits the installation of virtual asset kiosks within the state starting July 1. The revised bill designates the act of installing a virtual asset device as a Class A misdemeanor. Violation of this can result in imprisonment for up to 11 months and 29 days and a fine of $2,500.
As a result of this measure, more than 570 kiosks operating in Tennessee will cease operations. Large service providers such as CoinFlip and Bitcoin Depot are also affected by the bill. These companies must remove all installed devices within the state or cease operations before the law's effective date.
The background for the Tennessee Legislature's adoption of such a strong measure is the objective of preventing virtual asset fraud. House Speaker Cameron Sexton pointed out, "There is an increasing number of cases where these machines are being exploited in fraud crimes that exploit vulnerable populations, such as the elderly." Indeed, in the US, scams that induce money transfers through virtual asset ATMs have emerged as a serious social problem.
The movement to regulate virtual asset devices is spreading across the United States. Massachusetts has already implemented bans on virtual asset devices in some areas. Minnesota is also considering measures to restrict kiosk operations statewide. Regulatory pressure on virtual asset kiosks in the US is steadily intensifying.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.