Illinois Implements Landmark Laws for Essential Crypto Consumer Protections

New Legislation in Illinois: Governor JB Pritzker signed two significant bills, the Digital Assets and Consumer Protection Act and the Digital Asset Kiosk Act, aimed at enhancing crypto consumer protections in the state.

Key Provisions of DACPA: The Digital Assets and Consumer Protection Act establishes regulations for crypto exchanges, requiring financial safeguards, cybersecurity measures, anti-fraud systems, risk disclosures, and customer service standards.

Regulations for Crypto ATMs: The Digital Asset Kiosk Act introduces measures for crypto ATMs, including operator registration, refund obligations for scam victims, an 18% fee cap on transactions, and a $2,500 daily transaction limit for new users.

Impact on Consumers: These laws provide Illinois residents with increased security and trust in the crypto landscape, promoting a safer environment for engaging with digital assets while setting a precedent for other states.