Regulations moving on instalments of Bitcoin ATMs

Another Bitcoin ATM operator has just received a Bitlicense for the implementation of a New York ATM machine. According to information coming from Cottonwood Vending LLC, the license was granted on Thursday for the virtual currency.

The New York Department of Financial Services announced on their Twitter page that Cottonwood Vending LLC has joined a selection of groups with 20 crypto companies with regulatory approvals to operate within the Empire state.

The agency stated that it has been ramping up on the awarding of virtual currency licenses with three awards granted in January 2019, compared to only one being issued back in 2015, 2016 and two in 2017.

One of the first ATMs to operate in the NYDFS was Coinsource to receive a license. The license was issued back in November 2017 after a three-year application process.

Another company to have been able to manage to join the implementation process was Liberty X , which happened earlier this year. The company announced that it will be allowing individuals to purchase bitcoins using a debit card at any traditional ATM.

This was the automated kiosks for buying bitcoin in the U.S. while making the Bitlicense process become increasingly popular.

Money has been changing and Coinstar has been changing with the process, through an announcement earlier this month it would be enabling purchases in a number of states.

Customers will be able to purchase bitcoins at launch at specific stores in California, Texas and Washington DC. Moreover, the company has plans to expand to other parts of the country moving forward.

What are your thoughts on the issuance of these Bitlicense in New York? Please feel free to leave your comments down below.