Golden Finance reports that according to News On 6, in order to deal with the increasingly serious problem of cryptocurrency fraud, especially to protect the elderly from harm, the state of Oklahoma in the United States has introduced a brand-new law, aiming to strictly regulate cryptocurrency ATMs. This law will come into effect officially in November this year, and a series of specific measures will safeguard the safety of people’s funds from multiple dimensions.
Judging from the specific content of the new regulations, strict withdrawal limits have been set for first-time users, stipulating that their withdrawal limit within 72 hours shall not exceed 2,000 US dollars. This measure effectively reduces the risk that lawbreakers induce the elderly to withdraw a large sum of money at one time and then absencer with the funds.
For instance, previously, there were fraudsters who lured the elderly into making large withdrawals and transfers at cryptocurrency ATMs with false high-yield investment projects. By setting limits, even if the elderly were deceived for a while, their losses could be effectively controlled. At the same time, the law requires that all self-service withdrawals must be licensed and tracked, which will make the operation of cryptocurrency ATMs more transparent. Regulatory authorities can keep track of the transaction dynamics of ATMs in real time. Once abnormal transactions are detected, they can promptly launch investigations and effectively curb the occurrence of fraud. In addition, the new regulations also grant victims of fraud the right to seek relief, allowing them to apply for a refund after reporting within 14 days, providing legal protection for victims to recover their losses.
The introduction of this law has a profound practical background. In recent years, with the rapid development of the cryptocurrency market, the number of cryptocurrency ATMs has been increasing continuously. However, due to the relatively lagging industry regulation, cases of fraud using cryptocurrency ATMs have occurred frequently. The elderly, as a group with relatively closed information and relatively lacking financial knowledge, have become the main targets of fraudsters. According to the American Association of Retired Persons (AARP), in the past year alone, there have been multiple cases of cryptocurrency ATM fraud targeting the elderly, with the involved amount reaching hundreds of thousands of dollars. These fraudsters often take advantage of the elderly’s curiosity and trust in new things, lures them into operating on cryptocurrency ATMs through various means, resulting in the elderly losing all their life savings and suffering great physical and mental trauma.
Both legislators and the Oklahoma chapter of the American Association of Retired Persons (AARP) have given high praise to this new law. Lawmakers said this is an important step in protecting local residents from digital fraud and marks a solid step forward for Oklahoma in responding to emerging financial crimes.
The Oklahoma chapter of the American Association of Retired Persons (AARP) also pointed out that the implementation of this law will provide stronger protection for the elderly and enhance their sense of security and trust in the financial environment. At the same time, this law has also received support from local financial institutions and practitioners in the cryptocurrency industry. They believe that regulating the cryptocurrency ATM market will help enhance the overall image of the industry and promote the healthy development of the cryptocurrency market.
However, there are also some people who are cautious about the implementation effect of the law. Some experts in the cryptocurrency industry are concerned that overly strict restrictions may affect the normal operation of cryptocurrency ATMs, cause inconvenience to legitimate users, and even dampen the innovative vitality of the cryptocurrency market. Furthermore, in the actual implementation process, how to accurately define fraud behaviors, ensure the efficient operation of the refund process, and how to effectively track unlicensed cryptocurrency ATMs will all face many challenges.
As November approaches, regulatory authorities and relevant agencies in Oklahoma are actively preparing to ensure the smooth implementation of the new law. In the future, it remains to be seen whether this law can truly achieve the goal of protecting the public, especially the elderly, from cryptocurrency ATM fraud. However, it is undeniable that it provides a useful reference for other regions to deal with similar issues and has also triggered deeper social reflection on the regulation of the cryptocurrency industry and the protection of the financial security of the elderly. machine
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