Tennessee crypto kiosk ban set to go into effect July 1

Crypto ATM operators and businesses hosting the machines have until July 1 to be in compliance with the new law or risk potential fines and prison time.

Tennessee Governor Bill Lee has signed a bill into law that will officially ban the use and installation of cryptocurrency ATMs and kiosks in the southeastern US state, leaving only a matter of weeks for companies to be in compliance.

Lee signed Tennessee House Bill 2505 into law on April 13, making the installation of a cryptocurrency kiosk a Class A misdemeanor starting on July 1. The reclassification of the machines as illegal under state law would potentially put operators and businesses hosting the machines at risk of up to 11 months and 29 days in prison and a $2,500 fine.

Source: Tennessee General Assembly

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