California to regulate bitcoin ATMs under state law

The city of Chico, California, is looking to a combination of state legislation and local ordinances to better regulate bitcoin cash machines or ATMs.During a local government committee discussion held on August 7, Butte County Chief Administrative Officer Andy Pickett spoke about the ongoing efforts to regulate bitcoin.Pickett reported on recent state-level legislation aimed at restricting the number of bitcoin ATM-related fraud cases. In October 2023, an investigation by the California legislature found that some cryptocurrency ATMs were charging premiums as high as 33 percent, and that some ATMs had limits as high as $50,000. As a result, a bill was passed limiting deposits to $1,000 per day. In addition, California requires all cryptocurrency ATM transfers to provide a receipt and disclose the name of the operator.