HONOLULU (HawaiiNewsNow) – The Hawai?i State Legislature passed House Bill 1642 CD1 on Monday, marking a step forward in protecting residents from financial fraud schemes that are becoming increasingly tied to cryptocurrency kiosks and digital asset scams.
The measure establishes new regulations for digital financial asset transaction kiosks, commonly known as cryptocurrency ATMs. The legislation prohibits consumers from using cash to purchase cryptocurrency at these machines, while still allowing consumers to cash out cryptocurrency they already own at such kiosks.
“The measure strengthens consumer safeguards and provides additional protections for vulnerable populations, particularly kupuna who are often targeted by sophisticated scammers and coerced to deposit large sums of money into these kiosks,” said Representative Scot Z. Matayoshi, Chair of the House of Consumer Protection &…
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