The purpose of this section is to prohibit the placement and operation of cryptocurrency ATMs in the City of Revere due to the risks posed to consumers, including financial fraud, money laundering, and lack of recourse for users. The current absence of sufficient federal and state consumer protections and regulatory oversight for such machines necessitates a municipal prohibition to safeguard residents and preserve public safety.
(C.O. 26-061, 5/4/2026)
The following definitions shall apply in the interpretation and implementation of this chapter:
"Cryptocurrency"
shall mean any type of digital unit that is used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology. "Cryptocurrency" shall be construed to include digital units of exchange that (i) have a centralized repository or administrator; (ii) are decentralized and have no centralized repository or administrator; or (iii) may be created or obtained by computing or manufacturing effort. This definition shall not be construed to include digital units that are used (a) solely within online gaming platforms with no market or application outside such gaming platforms, or (b) exclusively as part of a consumer affinity or rewards program, and can be applied solely as payment for purchases with the issuer or other designated merchants, but cannot be converted into or redeemed for fiat currency. "Cryptocurrency" includes, but is not limited to, Bitcoin, Bitcoin Cash, Dash, LiteCoin, Ripple, ZCash, Ethereum, and similar blockchain-based tokens.
"Cryptocurrency Automated Teller Machine" or "Cryptocurrency ATM"
shall mean 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.
(C.O. 26-061, 5/4/2026)
No person, business, or entity shall install, operate, maintain, or allow the installation, operation or maintenance of a cryptocurrency ATM within the geographic boundaries of the City of Revere.
(C.O. 26-061, 5/4/2026)
The provisions of this chapter shall be enforced by the Revere Police Department, the Department of Municipal Inspections, or any other authorized agent of the City. Any person or entity found to be in violation of this chapter shall be subject to a penalty of $300 per violation per day, as set forth in Chapter 1.12, Art. II and Chapter 1.16 of Revere Revised Ordinances.
(C.O. 26-061, 5/4/2026)