California legislators have proposed a new bill titled “Digital financial asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in light of growing scams. Additionally, starting in 2025, the law would limit operators’ fees to $5 or 15% (whichever is higher). The bill, if approved, would come into effect on January 1, 2024.

The bill was introduced after legislative members visited a crypto ATM in Sacramento and found markups as high as 33% on some crypto assets compared to their prices on crypto exchanges. On average, a crypto ATM charges fees between 12% and 25%, according to a legislative analysis.

Government officials also found ATMs with limits…

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