New York Awards First-Ever BitLicense to Bitcoin ATM Company

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. The company already has 40 BTMs in the state, having been operating under a provisional license pending full approval.

In a statement, NYDFS superintendent Maria Vullo confirmed the news, saying the license approval is “a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation.”

Continue Reading on CoinDesk

Like this: Like Loading...