Signed by Governor Kelly Armstrong

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that establishes regulations on virtual currency kiosks (crypto ATMs), while re-adding a provision capping daily transactions at $2,000 per user in North Dakota.

Highlights:

• Requires crypto ATM and kiosk operators to be licensed in the state as money transmitters, limits customer withdrawals across their network of ATMs to $2,000 per day, and issues fraud warning notices (Sec. 1-5).

• Requires operators to use blockchain analytics to monitor for suspicious activity, such as fraud, and report it to the authorities, and to provide quarterly reports on kiosk locations, names, and transaction data (Sec. 1-5).

• Defines “blockchain analytics” as the analysis of data from blockchains or publicly distributed ledgers, including associated transaction information to provide risk-specific information about virtual-currency transactions and virtual currency addresses (Sec. 1-5).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 6).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that establishes regulations on virtual currency kiosks (crypto ATMs), while re-adding a provision capping daily transactions at $2,000 per user in North Dakota.

Highlights:

• Requires crypto ATM and kiosk operators to be licensed in the state as money transmitters, limits customer withdrawals across their network of ATMs to $2,000 per day, and issues fraud warning notices (Sec. 1-5).

• Requires operators to use blockchain analytics to monitor for suspicious activity, such as fraud, and report it to the authorities, and to provide quarterly reports on kiosk locations, names, and transaction data (Sec. 1-5).

• Defines “blockchain analytics” as the analysis of data from blockchains or publicly distributed ledgers, including associated transaction information to provide risk-specific information about virtual-currency transactions and virtual currency addresses (Sec. 1-5).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 6).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes regulations on virtual currency kiosks (crypto ATMs), while re-adding a provision capping daily transactions at $2,000 per user in North Dakota.

Highlights:

• Requires crypto ATM and kiosk operators to be licensed in the state as money transmitters, limits customer withdrawals across their network of ATMs to $2,000 per day, and issues fraud warning notices (Sec. 1-5).

• Requires operators to use blockchain analytics to monitor for suspicious activity, such as fraud, and report it to the authorities, and to provide quarterly reports on kiosk locations, names, and transaction data (Sec. 1-5).

• Defines “blockchain analytics” as the analysis of data from blockchains or publicly distributed ledgers, including associated transaction information to provide risk-specific information about virtual-currency transactions and virtual currency addresses (Sec. 1-5).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 6).

Full Bill Text