• The Superior Court of Los Angeles County in California has upheld the Digital Financial Assets Law (DFAL), which imposes a $1,000 daily withdrawal limit for cryptocurrency ATMs.
• The Alliance for the Fair Access to Cryptocurrency Terminals had challenged this limit, arguing that it was unreasonable and exceeded the Legislature's authority.
• The court, however, found that the cap is a reasonable measure to curb fraud associated with crypto kiosks.
• In addition to the withdrawal limit, the DFAL also mandates licensing requirements for crypto ATM operators, fee restrictions, and enhanced disclosures for users.
• The law aims to protect consumers from fraudulent transactions and illicit activities involving cryptocurrency kiosks.
• The DFPI, responsible for implementing the DFAL, emphasizes the importance of these regulations in fostering responsible innovation and safeguarding Californians in the crypto industry.
Source: https://news.bitcoin.com/court-upholds-1000-cap-on-daily-crypto-atm-withdrawals-in-california/ Show Less
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