The City finds that unregulated cryptocurrency ATMs pose risks to consumers, including financial fraud, money laundering, and lack of recourse for users. Cryptocurrency ATMs convert currency into virtual currency instantaneously and irreversibly, which exposes the most vulnerable of our residents to unnecessary risk. The City further finds that the current absence of sufficient federal and state consumer protections and regulatory oversight for such devices necessitates a municipal prohibition to safeguard residents and preserve public safety. The purpose of this article is to prohibit the use of cryptocurrency ATMs within the City in an effort to protect our residents.
[HISTORY: Adopted by the City Council of the City of Haverhill 3-31-2026 by Doc. 1-T. Amendments noted where applicable.]
As used in this chapter, the following terms shall have the meanings indicated:
A digital or virtual currency that uses cryptography for security and operates independently of a central bank, including but not limited to Bitcoin, Bitcoin Cash, Coinhub, Dash, Litecoin, Ripple, ZCash, Ethereum, and similar blockchain-based tokens. Cryptocurrency is a digital representation of value used as a medium of exchange, a unit of account, or a store of value, but does not have legal tender status as recognized by the United States Government.
Any self-service kiosk, machine, or device installed in a publicly accessible location that enables users to buy, sell, exchange, or transfer cryptocurrency through the machine using cash, debit card, credit card, or other means of payment.
No person, business, or entity shall install, operate, maintain, or allow the installation or operation of a cryptocurrency ATM within the geographic boundaries of the City. All cryptocurrency ATMs existing in the City as of the effective date of this chapter must be removed within 60 days after the effective date.
A.
This chapter shall be enforced by the Police Department or the Inspectional Services Department.
B.
Any person, business, or entity found to be in violation of this chapter shall be subject to a fine of $300 per day, per device. Such fines may be imposed and collected by the enforcing officers pursuant to the non-criminal disposition process set forth in MGL c. 40, § 21D.
C.
Each day during which a violation continues shall constitute a separate offense.
If any provision of this chapter is held to be invalid by a court of competent jurisdiction, such invalidity shall not affect the remaining provisions, which shall remain in full force and effect.