Bitcoin ATMs will operate in New York

The Coinsource company focused on operating bitcoin ATMs has received the license required to operate in the state by the New York State Department of Financial Services

Coinsource is the first bitcoin ATM company to receive a license called Bitlicense, among others related to the cryptocurrency market. Currently the company has 40 bitcoin supplier ATMs deployed in the state of New York, a considerable growth to those previously available.

The company’s lawyer, Arnold Spencer, said that the process has been long and complicated. The procedures began in 2015. However, he considers the granting of the license as a validation of the company’s business model.

The Bitlicense is aimed at maintaining solid regulations within the market, maintaining controls over risk and at the same time encouraging the development in the sector of financial innovations.

The operations through Coinsource ATMs seek to incorporate to the market all those people not integrated into the traditional banking system and although they only allow the purchase and sale of bitcoin so far, the incorporation of other currencies is not ruled out, as well as the option of transfers of funds to other wallets.

In addition, Coinsource also plans to expand to other cities and countries, where South Africa, Japan and Puerto Rico are the main options.


Source: Coincrispy

Receive this and all our information directly on your cell phone through our channel on Telegram:

You might also like