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Operator Bitcoin ATM Coinsource has received a license to work in the state of New York



The Financial Services Authority of New York (NYDFS) has issued the 12th licensed business license in the state (BitLicense). Its owner was based in Texas, the company Coinsource, according to CoinDesk .

Coinsource is a Bitcoin ATM operator and already has 40 terminals in New York, having worked until today under a pre-license.

Coinsource General Counsel Arnold Spencer noted that this is the first time BitLicense was issued to the operator of Bitcoin ATMs, adding that its receipt indicates the correctness of the company's business model and compliance with all regulatory requirements.

“It was a long and scrupulous process. We first submitted an application in 2015, and since then NYDFS has carefully studied our activities, forcing them to explain, and in some cases, improve our policies and procedures, ”he said.

During this time, Coinsource has gone from a company with three employees and several ATMs to more than 20 employees and over 200 cars. Were also subjected to a full audit account of the company.

The company notes the fast operation of its ATMs through a proprietary system for user verification.

Currently, Coinsource customers can only buy and sell bitcoins, but cannot send them to other addresses. However, having a remittance license in 18 states, the company hopes that next year it will receive similar licenses in all other states.

“By that time, we will be able to offer users the ability to load cash into ATMs and transfer bitcoins to third-party wallets, ” said a company spokesman.

Coinsource plans to enter the markets of Japan, South Africa and Puerto Rico, and the latter is likely to be the first, since the company also has a license there for remittances. In addition, it is planned to expand to the countries of South America and add support for other cryptocurrencies.

Recall, in September, analytics firm MarketsandMarkets published the results of a cryptocurrency ATM market research. According to researchers, the average market growth will be 54.7% annually and by 2023 will reach $ 144.5 million.

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