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Albany adopts ordinance restricting cryptocurrency kiosks near schools, elder housing and transit
Summary
The City Council adopted an ordinance creating Albany Municipal Code Chapter 7.06 to restrict placement of cryptocurrency kiosks in locations the city said target vulnerable residents; council framed the change as a time, place and manner regulation.
Albany City Council voted July 9 to adopt an ordinance that restricts the location of cryptocurrency transaction kiosks within the city, barring them from operating within a quarter-mile of schools, elder residential facilities and public transit stops.
Officer Chris Shindell, Albany's compliance officer, told council staff had tracked about $1 million in losses to Albany residents tied to scams involving crypto ATMs and kiosks and that kiosk fees and exchange spreads at retail machines can…
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