Minnesota Lawmakers Propose Ban on Cryptocurrency Kiosks

Minnesota lawmakers are advancing legislation that would prohibit cryptocurrency kiosks across the state, citing concerns over rising elder fraud cases.

The proposal, introduced by Representative Erin Koegel as House File 3642, seeks to ban the placement and operation of any virtual currency kiosk in Minnesota. This move follows testimony from law enforcement officials who linked the machines to a surge in elder fraud cases.

Lawmakers would repeal nearly two dozen statutory provisions that currently regulate the industry, which hosts about 350 licensed kiosks operated by eight to ten companies.