Minnesota Bitcoin ATM Regulations
The Minnesota Money Transmission Modernization Act (effective January 1, 2024) requires licensing for virtual currency exchange with specific bold-type warning disclosure requirements.
Licensing Requirements
The Minnesota Money Transmission Modernization Act (effective January 1, 2024) requires licensing for virtual currency exchange. This was one of the earlier states to modernize their money transmission laws to specifically include cryptocurrency operations.
Operators must obtain and maintain a money transmitter license through the Minnesota Department of Commerce.
Transaction Limits
Minnesota has established maximum daily transaction limits for new customers with a 72-hour new customer period.
| Customer Type | Daily Limit |
|---|---|
| New Customer | $2,000 |
| Existing Customer | N/A |
Customer Script
"For our Minnesota customers, there is a $2,000 daily limit for the first 72 hours after your first transaction."
| Customer Type | Daily Limit | Notes |
|---|---|---|
| New Customer | $2,000/day | Period: 72 Hours |
| Existing Customer | After new customer period |
Fee Caps
Compliance Note - Fee Limits
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KYC & New Customer Rules
Minnesota's "New Customer" period is 72 hours from the first transaction, similar to several other states.
- New customer period: 72 hours from first transaction
- Government-issued ID required for verification
- Customer status must be verified before applying limits
- All standard KYC requirements apply under money transmission laws
Warning Requirements
Warning Disclosure Requirements
Minnesota requires an additional, specific bold-type "WARNING" disclosure that must be acknowledged separately from other risk disclosures. This warning must be displayed prominently and customers must actively acknowledge it before proceeding.
Legislative Reference
The primary legislation governing Bitcoin ATM operations in Minnesota is the Money Transmission Modernization Act, which became effective January 1, 2024.
Money Transmission Modernization Act
Money Transmission Modernization Act