Tennessee Bans Crypto Kiosks as Georgia Regulates Fees

Tennessee has taken a drastic measure to combat crypto scams by banning virtual currency kiosks statewide, effective July 1. The law classifies operating such machines as a Class A misdemeanor and defines a virtual currency kiosk as an electronic terminal used to exchange virtual currency for money or other virtual currency.

Georgia, on the other hand, has opted for regulation rather than a ban. Under new laws, crypto kiosk operators in Georgia are required to display warnings about irreversible transactions and potential losses. They must also cap fees at 18% of the fiat currency exchanged or transmitted through a kiosk.

In addition to the fee cap, Georgia's law sets daily transaction limits for users: $2,500 per day for new customers during their first 72 hours with an operator, and $10,000 per day for existing customers. Operators must also issue refunds within 72 hours in cases of fraud or deceit.