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August 30, 2019, 11:52:24 PM |
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Just recently, Nevada officials have passed a cryptocurrency law that requires Bitcoin ATM owners to acquire a transmission license before they can operate their ATM kiosks. These licenses have a corresponding cost that may require the operators to pay a bond to the State of Nevada of around $250,000. Then each kiosk will be made available to the digital currency ATM operators for around $5,000. These bonds and fees serve as insurance to the government and the customers in any case of future problems or financial woes.
US State of Nevada Financial Institutions Division has recently issued a statement concerning the need for the protection of the general interest in view of the increasing adoption of blockchain technology and cryptocurrencies.
The regulator's statement implies that even Bitcoin ATM operators are required to get their licenses before they can legally operate.
According to the NFID,
"Any entity that facilitates the transmission of or holds fiat or digital currency by way of brick-and-mortar,
kiosk, mobile, internet or any other means, should contact the NFID to request a licensure determination."
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