Cryptocurrency ATMs in Nevada will now require a license from the Nevada Financial Institutions Division (NFID)to operate. This decision follows as State legislators failed to approve Senate bill No. 195 that proposed the licensing of crypto ATMs businesses.

According to the Nevada authorities, all crypto ATM proprietors have to pay a bond of $5000 per machine. This is similar to traditional ATMs businesses. Teri Williams, the NFID spokesperson said that ATMs operators should comply with the laws, fees and surety requirements. Nevada regulators admit they have no idea how many cryptocurrency ATMs are operating in the state. They will thus use this licensing opportunity to get the total number of ATMs in the state. Additionally having proper records will help minimize illegal activities in the state.

This year the State lawmakers failed to approve a measure that required most cryptocurrency ATMs to be licensed. Thus, the Nevada Financial Institutions Division is imposing existing law, fees and surety requirements on the kiosks. Out of 5000 crypto ATMs globally, 3000 of those are located in the U.S. Also, in June, the Circle K-store retailer teamed with DigitalMint to install Bitcoin kiosks at 20 Circle K locations throughout Arizona and Nevada.

The lack of regulations in the U.S. has made entrepreneurs and users skeptical about cryptocurrencies. Also, criminals are misusing it to launder money and commit fraud. These ATMs provide instant cash for Bitcoins and other cryptocurrencies. They are thus becoming a hotspot for cashing out as per the source.