Minnesota Cracks Down on Crypto Kiosks Amid Elder Fraud Concerns

Minnesota is taking steps to address the growing issue of elder fraud related to cryptocurrency kiosks. According to law enforcement officials, these machines have become a prime tool for scammers targeting vulnerable residents. Representative Erin Koegel introduced House File 3642 earlier this week, which seeks to ban the placement and operation of any virtual currency kiosk in Minnesota.

The bill would repeal nearly two dozen statutory provisions that currently regulate the industry, rather than amend them. This move is in line with the regulatory movement, as other states and countries have introduced similar measures to control high-risk financial services such as crypto kiosks.