New Minnesota Crypto Law Aims to Protect Consumers from Fraud

A new law to protect Minnesota consumers from cryptocurrency fraud took effect on August 1, 2024. Spearheaded by Rep. Amanda Hemmingsen-Jaeger and Sen. Jen McEwen, the legislation introduces safeguards for crypto kiosk users, who have increasingly become victims of scams.
Key requirements for licensed crypto kiosk operators include:
• Transparency: Disclosing terms and conditions to users.
• Fraud Protection: Issuing refunds for fraud victims who are new customers.
• Transaction Limits: Capping daily transactions at $2,000 for new customers.
Commerce Commissioner Grace Arnold emphasized the importance of the new law, stating, “Scammers are using crypto kiosks to steal from consumers. This law helps protect Minnesotans and recover funds lost to fraud.”
The Minnesota Department of Commerce’s Enforcement Division is tasked with overseeing compliance and protecting consumers. For complaints or concerns, consumers can file online or contact the division at consumer.protection@state.mn.us or 651-539-1600.
For more resources, including verifying business licenses and viewing enforcement actions, visit mn.gov/commerce.
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