MrMoney
News
News
Wisconsin puts KYC handcuffs on Bitcoin ATMs: Anonymity in question?
 
Висконсин вводит KYC на BTC ATM. Узнай с MrMoney

Unexpectedly for everyone, the tranquility in the American crypto market was destroyed by a legislative initiative from Wisconsin. The state Senate has introduced bill SB386, the content of which can have a significant impact on all participants in the digital asset market. The main thing is a significant tightening of the rules for bitcoin ATMs.

Now, every user who wants to buy or sell bitcoin through such a terminal will have to go through a full identification procedure. As in the traditional banking sector, the user will be required to present an identity document with a photo. And this rule will be applied for every transaction, not once a year. In addition, the authorities have limited the maximum amount of a transaction through a cryptomat to $1,000.

This is not all that the regulator has come up with! Crypto ATMs, which used to live happily ever after, now have to go through all the circles of hell of bureaucracy and get a license for money transfers, as expected. And as if that's not enough, SB386 requires that warnings be displayed on the screens of these terminals. About what? Well, most likely, about the risks of the crypt. Like, "Careful, you're entering a risk zone!"

What is behind such severe restrictions in Wisconsin? It officially declares its desire for greater security, suppression of financial fraud and protection of gullible users from deception. However, crypto enthusiasts are dubious about this. Many believe that the SB386 bill is not so much a concern for people as an attempt to adapt independent technology to the old financial rules. Bitcoin terminals, which were originally a symbol of accessibility and anonymity, may lose interest for those who valued efficiency and privacy.

And this can have serious consequences. Instead of making everything transparent, the law may drive people onto unregulated P2P platforms or into murky exchangers, where the risks are, for a moment, higher. And operators will have to choose: either pay more for compliance with the new rules (which, of course, will affect commissions), or simply leave Wisconsin.

BestChangeExNode