RATE Group | Nevada Crypto ATM Operators Now Require Money Transmission License
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Nevada Crypto ATM Operators Now Require Money Transmission License

15 Aug Nevada Crypto ATM Operators Now Require Money Transmission License

Posted at 01:54h in Cryptocurrency News by

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Nevada’s regulatory stance on cryptocurrency kiosks has shifted, now requiring a state money transmission license.

Speaking with CoinDesk, BitAML Senior Advisor Annelise Strader said Nevada abruptly and without announcement changed its regulatory stance on cryptocurrency kiosks.

Following the last legislation session closing in May without passing a proposed cryptocurrency bill, Strader says the state’s regulatory team changed its interpretation of what constituted a money transmitter within the state. Kiosks must be licensed by the state and will require a surety bond requirement.

Priced at $5,000 per kiosk, surety bonds are paid to the state as an insurance mechanism for customers against business failure.

Strader first spoke with the state regulator on behalf of a BitAML customer caught in the red tape. Months followed before an answer was given, Strader said.

Following up with the Nevada Division of Financial Institutions, state regulator Julie Hanivold said…

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