Summary
- The Haverhill City Council in Massachusetts said it is considering adopting an ordinance banning the installation of virtual-asset (cryptocurrency) ATMs.
- If the ordinance passes, all crypto kiosks and ATMs in the city would be subject to removal within 60 days, and violations would be subject to a $300-per-day fine.
- The move shows that regulatory discussions are expanding amid concerns that offline infrastructure related to virtual assets could be used for criminal activity.
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The Haverhill City Council in Massachusetts is considering adopting an ordinance that would ban the installation of virtual-asset (cryptocurrency) ATMs.
According to crypto-focused media outlet Cointelegraph on the 31st (local time), the sponsor of the ordinance stressed the need for regulation, saying that "crypto ATMs could be exploited for crimes such as financial fraud and money laundering."
If passed, all crypto kiosks and ATMs in the city would be subject to removal within 60 days.
Violations would also be punishable by a fine of $300 per day.
The move shows that regulatory discussions are expanding amid concerns that offline infrastructure linked to virtual assets could be used for criminal activity.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
