Management of financial services of new York (NYDFS) issued a 12-th under the account the license to conduct activity on the territory of the state (Regulations). Its owner was based in Texas the company Coinsource, reports CoinDesk.
Coinsource is the operator of bitcoin ATM, and already has 40 terminals in new York, having worked until today on the terms of the provisional license.
We would like to sincerely thank the state of New York and the New York Department of Financial Services (@NYDFS) for granting us the first Virtual Currency to License a #Bitcoin ATM operator. pic.twitter.com/VgGNBALFOB
— Coinsource (@Coin_Source) 1 November 2018
General counsel Coinsource Arnold Spencer noted that this is the first case of the issuance of the Regulations, the operator of bitcoin ATMs, adding that it receive evidence of the correctness of the business model of the company and compliance with all regulatory requirements.
“It was a long and rigorous process. We first applied in 2015, and since then, the NYDFS very carefully studied our activities, forcing us to explain, and in some cases to improve our policies and procedures,” he said.
During this time Coinsource has gone from a company with three employees and several ATMs to more than 20 employees and over 200 cars. Was also subjected to a full audit of the accounts of the company.
The company notes quick work of ATMs through system of its own design verification users.
At the moment customers can only Coinsource to buy and sell bitcoins, but cannot send them to other addresses. However, having the license of the operator of remittances in 18 States, the company hopes that next year will get the same license in all other States.
“By the time we are able to offer users the ability to load cash in ATMs and transfer the bitcoins to a third-party wallets”, — said the representative of the company.
Plans Coinsource access to the markets of Japan, South Africa and Puerto Rico, and the last will probably be the first, as the company also has a license for money transfers. In addition, it is planned to expand to countries in South America and add support for other cryptocurrencies.
We will remind, in September, analyst firm MarketsandMarkets published the market research results of other cryptocurrency ATMs. According to researchers, the average market growth will amount to 54.7 per cent every year and by 2023 will reach $144.5 million