Big changes are coming to crypto ATMs in Minnesota. In this state, where cryptocurrency ATMs are available, the government is now looking to take strict action.

Representative Erin Kogel of the Democratic-Farmer-Labor Party has proposed a new bill, H.F. 3642, which would completely ban the installation and operation of cryptocurrency ATMs across the entire state. The main reason behind this is the increasing number of scams targeting elderly people.

Last year, Minnesota received 70 complaints related to such ATMs, and people lost a total of $540,000. Some elderly individuals lost so much money that their financial situations became serious. Now, when you look for crypto ATMs in Minnesota, you'll find about 350 machines operated by only 8-10 companies.

The state's Department of Commerce strongly supports this bill and will introduce more comprehensive consumer protection measures in the coming weeks. This new law will fully eliminate the regulatory framework established in 2024, which previously only involved disclosure requirements and transaction limits.

This is a significant step because most scams occurred where crypto ATM services were easily accessible. Policymakers understand that these machines can be risky for vulnerable people.