- Republican Senator Colleen Burton introduces Senate Bill 662 in Florida, aiming to establish regulatory oversight for Bitcoin and crypto atm.
- The global presence of crypto ATMs is substantial, with over 34,746 operational units worldwide, and the United States holds a significant share with approximately 29,043 facilities.
Republican Senator Colleen Burton has introduced Senate Bill 662 in an effort to establish regulatory oversight for Bitcoin and other virtual currency kiosks in the state of Florida. The bill, officially titled “Virtual Currency Kiosk Businesses,” aims to formalize the regulatory framework for this sector through state registration and supervision.
Under the proposed legislation, virtual currency kiosk businesses will be required to register with the state to operate legally, subjecting all crypto ATMs and kiosks to regulatory scrutiny. Furthermore, the bill mandates that certain entities obtain a license as money services businesses, introducing an additional layer of oversight.
A notable aspect of the bill is its comprehensive definition and inclusion of key terms such as “Virtual currency kiosk,” “Virtual currency kiosk business,” and “Wallet.” These definitions play a crucial role in understanding and regulating the specific activities and mechanisms involved in virtual currency transactions.
The bill defines a “Virtual currency kiosk” as an electronic terminal facilitating the exchange of virtual currency for fiat currency, or vice versa. Meanwhile, the term “Virtual currency kiosk business” pertains to entities operating these kiosks that are not categorized as money transmitters.
In addition to the regulatory framework, the legislation underscores the importance of disclosing specific risks associated with virtual currency transactions to customers. This disclosure requirement aligns with the broader legislative intent to combat unlawful and fraudulent activities within the virtual currency domain. The bill represents a significant step towards bringing regulatory clarity to the virtual currency kiosk sector in Florida.
US Holds the Lion’s Share In World’s Total Crypto ATMs
A new proposal has emerged as part of a series of bills aimed at regulating virtual currency operations in the United States. Senator Colleen Burton has introduced Senate Bill 662 in Florida, which targets Bitcoin and other virtual currency kiosks, requiring state registration and supervision to establish a formal regulatory framework for the sector.
This move follows similar initiatives in different states, with California proposing a $1000 daily limit on crypto ATM withdrawals last year to address concerns related to scams.
The global presence of crypto ATMs and kiosks is substantial, with Coin ATM Radar reporting over 34,746 operational units worldwide. In the United States alone, there are approximately 29,043 such facilities, making it a significant player in the global network. This expanding footprint involves 71 countries, 43 producers, and 499 operators, highlighting the widespread influence of virtual currency kiosks. As legislators continue to address regulatory concerns, the proposed bills seek to bring greater oversight and clarity to the evolving landscape of virtual currency operations.
Earlier this month, U.S.-based software developer Bullet Blockchain announced its acquisition of a network comprising 40 Bitcoin ATMs situated in South Florida. This move also aligns with the company’s strategic deployment and branding objectives.
Moreover, the acquisition takes place against the backdrop of a nuanced situation in Florida concerning cryptocurrency laws, marked by a disparity between integration efforts and government statements. Bullet Blockchain, headquartered in Nevada, works on securing licensing programs for both operators and manufacturers of these ATMs as part of its ongoing initiatives.
