Anti-Fraud Measures Implemented: California Cryptocurrency ATMs Enforce Daily Limit of $1,000 per Individual

On October 13th, California Governor Gavin Newsom signed into law the Digital Financial Assets Act, which was passed by the state legislature in September 2022 and is set to take effect in July 2025. The Digital Financial Assets Act will require the California Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework for cryptocurrency, including a company licensing system, and grant the department the authority to enforce and formulate regulations related to the crypto industry.