California will regulate Bitcoin ATM according to state law

Golden Finance reported that the city of Chico, California, is seeking joint support from state legislation and local ordinances to better regulate BTC ATMs. In a local government committee discussion held on August 7th, Andy Pickett, the Chief Executive Officer of Butte County, talked about the ongoing regulation of BTC. Pickett reported on recent state-level legislation aimed at limiting fraud cases associated with BTC ATMs. In October 2023, a survey by California’s legislature found that some Cryptocurrency ATMs charged premiums as high as 33%, while some ATMs had limits of up to $50,000. Therefore, a bill was passed to restrict deposits to $1,000 per day. In addition, California requires that all Cryptocurrency ATM transfers must provide a receipt and disclose the operator’s name.