[2018-11-01] New York Awards First-Ever BitLicense to Bitcoin ATM Company

[BitcoinArsenal]

Bitcoin teller machine (BTM) operator Coinsource has just become the 12th crypto company to receive a license from the New York State Department of Financial Services (NYDFS).
The firm announced approval of the so-called BitLicense on Thursday, with the firm's general counsel Arnold Spencer noting that it was the first granted to a bitcoin ATM provider to date.

Full article on Coindesk

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[gentlemand]

Twelve licences is a shameful figure after several years in existence. It should be telling us, and the NYDFS, that it isn't working. Regulation should be there to help people, not outright deter them.

[Sheriff Woody]

Crypto recognition is gaining ground and I believe all what is missing from the equation now is mainstream adoption to bring out all shadow users into the light.

Congrats Coinsource!

[Kemarit]

Twelve licences is a shameful figure after several years in existence. It should be telling us, and the NYDFS, that it isn't working. Regulation should be there to help people, not outright deter them.

Interesting to see which 12 other crypto companies received a license from NYDFS. I'm under the impression that New York is somewhat hostile to bitcoin and crypto so I'm surprised that they just approved Coinsource. Could it be that they're changing their stance? Or just meticulous on awarding licenses related to crypto activity? But yes, it looks likes regulatory body should be there to help and protect the public interest and it you're going to look at their mission in their website: "foster the growth of the financial industry in New York and spur state economic development". So let's see if they're going to stay "true" to their mission.

[gentlemand]

Interesting to see which 12 other crypto companies received a license from NYDFS. I'm under the impression that New York is somewhat hostile to bitcoin and crypto so I'm surprised that they just approved Coinsource. Could it be that they're changing their stance? Or just meticulous on awarding licenses related to crypto activity? But yes, it looks likes regulatory body should be there to help and protect the public interest and it you're going to look at their mission in their website: "foster the growth of the financial industry in New York and spur state economic development". So let's see if they're going to stay "true" to their mission.

I don't think they've ever been hostile, but perhaps they're over zealous and more interested in applying traditional standards to a scene that isn't there yet.

It's a tricky balance I suppose. It could be a reflection of how pisspoor most crypto businesses are, but at the same time it's a shit ton of money to lay out and many notable operations aren't bothering. If I was running the show I'd take the pathetic numbers as a sign something wasn't working and look to readjust it.

[BitHodler]

Twelve licences is a shameful figure after several years in existence. It should be telling us, and the NYDFS, that it isn't working. Regulation should be there to help people, not outright deter them.

Is that a problem of the state or the demand there not being worth digging into? If it was worthwhile, I'm sure there would be a whole lot more licenses being obtained by crypto related entities.

New York has always been a tough and expensive state to apply for licenses, not just for crypto related entities. The difference is that the demand is the main factor deciding how many of them will be granted a license.

If you know for sure that there isn't much to gain there, why would you even bother applying for a license? It doesn't surprise me at all that there are only 12 licenses handed out, it's not the state to be blamed.