- Illinois lawmakers are advancing a bill to regulate operators of virtual currency kiosks.
- The proposed law would put these kiosks under the authority of the Illinois Department of Financial and Professional Regulation.
- Consumer protections and industry guidelines are key features highlighted by lawmakers.
State lawmakers in Illinois are moving forward with new rules for businesses that run virtual currency kiosks. On Wednesday, the Illinois Senate Executive Committee advanced legislation that seeks to bring cryptocurrency kiosks, often known as Bitcoin ATMs, under state oversight.
If Senate Bill 2319 is enacted, operators of these kiosks would be required to report to the Illinois Department of Financial and Professional Regulation. The bill also requires operators to pay fees to the department.
According to State Senator Laura Ellman, the measure is designed to give users better protections. “Currently, there are no regulations, no consumer protections, for crypto kiosks in Illinois,” she said. “And this bill establishes those consumer protections, and it also provides industry a predictable setting to not only operate, but also grow here in Illinois.”
The total number of cryptocurrency kiosks in Illinois is unclear. However, there are currently seven Bitcoin ATMs located throughout Rock Island, Moline, and East Moline, according to public listings.
Virtual currency kiosks, often called ATMs, are machines that allow users to buy or sell cryptocurrencies like Bitcoin using cash or debit cards. The new proposal, if passed, would mark the first time these kiosks face official state regulation and will set reporting requirements for their operators.
More details about the legislation will emerge if the bill heads to a full vote in the Illinois Senate.
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