North Carolina has signed into law new consumer protections for real-time financial instruments, including fraud alerts, transaction limits, fees and the right to refunds for victims of fraud.
The Virtual Currency Kiosk Consumer Protection Act requires operators to display clear warnings of fraud and imposes a daily limit of $2,000 for new customers, according to to the law.
Compensation is up to 12 percent of the transaction value, and victims can be reimbursed within 30 days of reporting the incident.
The Act establishes supervision by the Commissioner of Banks and mandates the licensing of operators as money transmitters.
These measures aim to reduce the risks associated with virtual currency kiosks and maintain access to crypto services in the government.
Employers must comply with these new standards in order to continue doing business in North Carolina.
The law will address growing concerns about crypto ATM fraud that has cost North Carolinians millions of dollars.
Governor Josh Stein highlighted the need for amended legislation to go hand in hand with technology ambassadors targeting everyday users.
He says Stein in his words,
According to the FBI, every year Americans lose millions of dollars to scams and scams involving cryptocurrency kiosks, including $12 million lost in North Carolina. sales, and providing fraud alerts, customer support, sales receipts, and the ability to cancel work in progress will help us protect people from bad actors.
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