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Forest Lake adopts ordinance to register cryptocurrency kiosks after local fraud reports
Summary
The Forest Lake City Council approved an ordinance requiring businesses that host cryptocurrency ATMs to register with the city, pay an annual fee, meet inspection and camera requirements, and comply with fraud-related restrictions after staff presented local and statewide fraud data.
The Forest Lake City Council on April 14 approved an ordinance requiring businesses that host cryptocurrency kiosks to register the machines with the city and meet a set of consumer-protection and enforcement conditions.
City staff described the machines — ATM-like devices found in gas stations, grocery stores and pharmacies — as frequent vehicles for fraud. Amanda (city staff) told the council that kiosks typically charge a 20%–30% markup over online prices and that, locally, police records show roughly $300,000 in kiosk-related fraud in Forest Lake from 2023 through 2024.
The ordinance (Ordinance 750) requires the hosting business — the local gas station, grocery or pharmacy that allows a kiosk on its premises —…
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