The laws will bolster consumer protections for crypto users and limit withdrawals to $2,500 a day for new users of digital currency kiosks, which have become magnets for scams and drug-dealing.
The Illinois Department of Financial and Professional Regulation, which has been given the power to regulate digital asset exchanges and businesses, will require the crypto industry to comply with protections now in place for consumers of traditional financial services, such as banks.
Crypto businesses will have to keep enough money on hand to operate effectively and have plans to target fraud and money-laundering.
To prevent fraud, the state will cap daily transaction amounts at kiosks at $2,500 for new customers, limit transaction fees at kiosks to 18% and provide full refunds to new customers who get defrauded.
HubertManne@piefed.social 5 days ago
Its crazy to me that my state seems to be functioning at a better level than the federal government. We have went up while federal has gone down.
dan@upvote.au 5 days ago
As someone who lives in California, this just seems like a normal thing.
balder1991@lemmy.world 5 days ago
It’s funny that the exact same thing happened in Brazil during Bolsonaro. When the pandemic peaked, the Federal government simply sit down while the States themselves (literally all States) joined and negotiated the vaccines for Brazil bypassing the Federal role.