What are the two unregulated "Money Transmitter" states? (USA)

[nwfella]

I hear Montana is beautiful this time of year

[LostDutchman]

I hear Montana is beautiful this time of year

Sure is and my Montana corporations are chugging right along......................

[ShakyhandsBTCer]

"Forty-eight US states regulate money transmitters although the laws vary from one state to the other.[3] Most of the states[4] require a surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement."

http://en.wikipedia.org/wiki/Money_transmitter


What are the two free states?


Thanks

I would not consider them "free" states as they still have federal regulations, just not additional, state level regulations.

Fed rules don't apply until the commerce crosses state lines.  If all activity is done within the state the Fed can't say anything.

That is not true. The Federal government can regulate anything that affect interstate commerce.

Not only that but in order for a money transmitter to "transmit" the money they must connect to some network (usually the internet) and it is not unusual for an internet connection to span multiple states even if you are communicating with someone in the next town (same state)

[freedombit]

Would South Carolina and Montana then be good places to install Bitcoin ATMs?

From a legal perspective, yes.  From a business perspective, probably not.  Most of my clients are targeting NY, CA, TX, FL and IL, in roughly that order.  South Carolina and Montana are not very dense with bitcoiners.

MT is not so bad to start a biz - very easy to make great connections there.

[LostDutchman]

I have registered with the Feds through my Montana corporation and am set up to deal offshore.

No USA customers though will be permitted.

Been gone for a while due to health issues but everything is OK now.

Just kind of took a break from the madness of crypto!

[slu2]

I have been looking into this for installing an ATM in my retail store in Idaho.

I have read the regulations in Idaho for a Money Transmitter License, and it does not look like an ATM qualifies for that requirement in this state.

There are a lot of examples given for those who would need a money transmitter license, but ATM doesn't show up as one.
It appears that a money transmitter license is meant for someone who is holding value for someone else.   But if it is a direct exchange, such as the person puts money into a machine and then receives their bitcoin immediately after, then there is no voucher, or store credit or held value.  It is a direct exchange, from my wallet it to theirs.

This is the topic that I started;  https://bitcointalk.org/index.php?topic=663651.msg7906206#msg7906206

It looks like I came up with some of the same links that had been used here.   

Any thoughts?   Does anyone know of any Bitcoin or Crypto ATMs in Idaho?

[LostDutchman]

I have been looking into this for installing an ATM in my retail store in Idaho.

I have read the regulations in Idaho for a Money Transmitter License, and it does not look like an ATM qualifies for that requirement in this state.

There are a lot of examples given for those who would need a money transmitter license, but ATM doesn't show up as one.
It appears that a money transmitter license is meant for someone who is holding value for someone else.   But if it is a direct exchange, such as the person puts money into a machine and then receives their bitcoin immediately after, then there is no voucher, or store credit or held value.  It is a direct exchange, from my wallet it to theirs.

This is the topic that I started;  https://bitcointalk.org/index.php?topic=663651.msg7906206#msg7906206

It looks like I came up with some of the same links that had been used here.   

Any thoughts?   Does anyone know of any Bitcoin or Crypto ATMs in Idaho?

You're kidding, right?

[slu2]

Whats even more convincing that I do not need a money transmitter license, is that I have several friends in this community with retail businesses, who have ATM's in their stores, and they have no money transmitter license either.   Does the difference between fiat, which is officially a currency, and bitcoin which is neither officially a currency in Idaho, nor is it officially commodity, make the difference?

Fiat ATM =  No money transmitter license
Crypto ATM =  Need money transmitter license
?

[slu2]

You're kidding, right?

Kidding about looking for these answers?  No I am rather serious.

You however, are you kidding with a reply like that?  No help, no advice, just sarcasm?   Thanks for nothing.

[LostDutchman]

You're kidding, right?

Kidding about looking for these answers?  No I am rather serious.

You however, are you kidding with a reply like that?  No help, no advice, just sarcasm?   Thanks for nothing.

Oh, sorry.

I was just joking.

Ain't no Bitcoin ATMs in Montana and probably will not be.

Population there is too small.

[slu2]

I don't think my revenue will justify the headache and the cost.  But I like the idea of offering a deep discount for bitcoin customers for my products, and for those who can't figure out how to get bitcoin any other way, it seems like a good combo to 1.  Offer deep discounts for bitcoin  2.  Offer a method to attain bitcoin  3.  Educate the local community on bitcoin.

I am also contemplating getting a coinkite POS setup so that I can accept Litecoin as well.  (I personally prefer litecoin over bitcoin)