Illinois Governor JB PritzkerTwo laws that strengthen the audit on crypto currency activities on Monday signed. The Digital Assets and Consumer Protection Law (SB 1797) gives direct supervision to the financial and vocational regulation department of the state on crypto money companies and stock exchanges. Digital Asset Kiosk Law (SB 2319) crypto currency It makes registration, customer service and compliance standards for Kiosk/ATM operators.
What do new laws bring?
SB 1797, Crypto Money Companies And Crypto currency exchangesIt requires a sufficient financial resource to apply strong cyber security and anti -fraud measures. It also predicts that explanations for the investor and customer service standards will be at the same level as traditional financial institutions. Regulation authority Illinois Department of Financial and Professional RegulationWhen switching to, transparency and service quality are intended to be placed in a corporate framework.
If SB 2319 Crypto Money Kiosk/ATM OperatorsIt necessitates to register for state regulators, provide live (real -time) customer service and create compliance policies with fraud prevention. Each operator needs to appoint a compliance responsible and a consumer protection officer. For new customers, the daily transaction limit was withdrawn for $ 2,500, while the transaction fees were limited to 18 percent. Thus, costs and risks were controlled in the first contact point.
Message from Governor Pritzker: We brought rational guards
Democratic Governor Pritzker criticized the Federal -level approach and said, “The Trump administration brings rational guards for investors and consumers, while the Trump administration prints federal policy on crypto currency circles. According to Pritzker, fraudsters constantly improve their methods and consumer protection in the federal plan weakens. At this point, he underlined that the state wants to close this gap with concrete rules.
The numbers supporting security concerns were also shared. According to FBI data, Illinois in 2024 Crypto Money FraudsThe losses caused by N. exceeded 272 million dollars. The amount corresponds to the fifth highest number among the US states. The two laws signed by Pritzker aims to reduce losses by clarifying standards, especially in the stock market and kiosk channels.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
