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In the State of Virginia (USA), the process of adopting a law that will change the rules of the game for those who own and manage cryptocurrencies is coming to an end. The state Senate has already given the go—ahead to the bill, and now it's up to the governor to decide. The initiator of this innovation was Michelle Maldonado, a member of the Virginia House of Representatives. She has long insisted on the need to protect ordinary users from financial losses that may occur when working with cryptocurrencies.

The new law will make significant changes to the terminals through which users exchange cryptocurrencies. Operators will be prohibited from passing off their devices as ATMs to avoid confusion. The law will also oblige to place clear warnings on the devices themselves about possible risks associated with operations with digital assets. All this is done so that people better understand what they are dealing with, especially if they are not very well versed in cryptocurrencies.

One of the main points of regulation is restrictions on the amount and time of transactions. The bill will introduce daily and monthly limits on how much money can be transferred through one terminal. For those who use cryptocurrencies for the first time, there will be a 48-hour pause before the final transfer of funds. This is done so that potential victims of fraudsters have time to come to their senses and cancel the deal if they realize that they are acting under someone's pressure.

Another important measure is the mandatory identification of customers before conducting operations. Terminal owners will have to make sure that the person who wants to make the transaction is acting consciously and without coercion. The developers of the bill believe that this will help reduce the number of cases when, for example, elderly people or just gullible citizens transfer their money at the request of telephone scammers.

According to the statistics provided by Michelle Maldonado, the problem is really serious for Virginia. According to rough estimates, about 7% of all fraudulent transactions in the state now go through cryptomats. Criminals actively use the anonymity and irreversibility of cryptocurrency transfers, convincing victims to deposit cash through terminals under various pretexts — from fictitious debts to promises of quick earnings on dubious projects.

The bill has now been sent to the governor for signature. If the head of state approves it, the law will come into force, and operators of cryptomats will have to change their procedures. Otherwise, they will face fines for non-compliance with the new identification rules, limits, and warnings.