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News Releases
New Minnesota crypto law goes into effect to protect consumers against fraud
8/1/2024 11:14:54 AM
A new Minnesota law goes into effect on August 1, 2024, to protect consumers against cryptocurrency fraud. The Minnesota Department of Commerce Financial Institutions and Enforcement Divisions are taking action to ensure crypto companies are licensed to operate in Minnesota and comply with the new consumer protection law.
Consumers are using crypto kiosks, which work similar to cash ATMs, with increasing frequency. Unfortunately, crypto kiosk users are increasingly also becoming victims of scams. During the 2024 Legislative Session, Commerce worked with the bill’s chief authors Rep. Amanda Hemmingsen-Jaeger and Sen. Jen McEwen, as well as with local law enforcement and other stakeholders, to develop this critical consumer protection bill.
The law applies to licensed crypto kiosk operators, requiring them to:
- Disclose to consumers relevant terms and conditions.
- Issue refunds for those involved in fraud if they are a new customer.
- Set a maximum daily transaction limit of $2,000 for new customers.
“Unfortunately, crypto scams are becoming more common, and scammers used crypto kiosks to steal money from consumers. This new law works to protect Minnesotans from scams and to recover funds consumers lost to fraud,” said Commerce Commissioner Grace Arnold.
Minnesota Department of Commerce Enforcement
The Minnesota Department of Commerce works to assist and protect consumers, and to ensure a strong, fair marketplace. Minnesota consumers and businesses can contact Commerce’s Enforcement Division about concerns or complaints regarding nonbanks:
- File a complaint online
- Email or call: consumer.protection@state.mn.us | 651-539-1600.
- Verify whether a nonbank company is licensed to do business in Minnesota: License Lookup.
- Search Commerce Actions and Regulatory Documents to view past enforcement actions
Connect with the Minnesota Commerce Department
Get updates and news from the Minnesota Department of Commerce by following Commerce at mn.gov/commerce or @MNCommerce on social media.
MEDIA CONTACT:
Minnesota Department of Commerce
news.commerce@state.mn.us