11.280 Regulating Cryptocurrency Kiosks/ATMs.

(1) Definitions. For the purposes of this chapter, the following words or phrases shall have the meanings respectively ascribed to them:

(a) “Cryptocurrency” means a virtual currency that utilizes cryptography to secure transactions that are digitally recorded on a cryptographically secured, distributed ledger (blockchain).

(b) “Cryptocurrency ATM” or “Bitcoin ATM” means a stand-alone electronic kiosk that allows users to buy and sell cryptocurrency in exchange for cash or with a debit card.

(c) “Blockchain” means a decentralized digital ledger that stores information across a network of computers or nodes in blocks that are verified and validated to ensure legitimate and accurate transactions.

(2) Cryptocurrency Teller Machine Warning Notice.

(a) Any person or business operating, or providing access to, a functioning cryptocurrency automated teller machine (ATM) or Bitcoin teller machine (BTM) on its premises shall post a written warning in the form of a sign within readable sight of the cryptocurrency ATM or BTM providing notice to customers and users of the potential fraud or scam risks associated with utilizing the cryptocurrency ATM or BTM.

(b) The written warning or sign referenced in this section shall be provided by the City of Manitowoc Police Department who may cooperate with other law enforcement agencies.

(c) It shall be unlawful for any person or business operating, or providing access to, a functioning cryptocurrency automated teller machine (ATM) or Bitcoin teller machine (BTM) not to post such a notice. Any person or business found guilty of violating the provisions of this section shall receive a $500.00 fine.

[Ord. 25-296 § 1, 2025.]