California Ushers in Crypto Kiosks to Monitor Digital Currency Sector


Cryptocurrencies have found a fertile ground in California, the US state with the highest market score of 10 out of 10 due to the most searches for crypto-related keywords. With the increasing interest in crypto, users are having a lot of questions. The most commonly searched keywords include “cryptocurrency”, its abbreviations, Binance, and cryptocurrency names. Answers to these questions can be found online in communities and tutorials on how to invest in cryptocurrencies.

Cryptocurrency exchange platforms provide various payment channels, including the option to buy Bitcoin with a credit card. California is still a leader in blockchain technology and the state government is taking steps to protect businesses and users from fraud, scams, money laundering and other criminal activities.

Assemblymember Timothy Grayson proposed a licensing bill that would impose documentation for businesses engaging in cryptocurrency transactions. This is to help protect users from scams and risks that could have been avoided. Gov. Gavin Newsom introduced a similar bill last year to reduce the administrative burden and costs.

The Crypto Council for Innovation proposed the creation of clear and concise guidelines regarding the application process and determining which activities necessitate licensure.

State legislators are also looking to regulate cryptocurrency ATMs. These kiosks allow users to purchase and sell crypto coins for debit cards or cash. Unfortunately, they come with disadvantages such as high fees and lack of insurance. The bill would limit the amount that consumers can transact and the fees that the ATM charges to 2% or 5% of the transaction value, and limit the amount of cryptocurrency consumers can buy or sell to $1,000 a day.

Other bills proposed by lawmakers include measures that deliver a more compelling definition of money laundering, blockchain training in community colleges, and regulation of non-fungible tokens and decentralized autonomous organizations. These bills will be addressed in the upcoming years, giving lawmakers time to analyze the situation and project the outcomes.

So far, lawmakers are eyeing cryptocurrency kiosks, but other aspects will also come under the radar in the upcoming period.

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