Topic: [2014-04-04] - Texas guidance on Bitcoin ATM operation is kind of a big deal (Read 624 times)

cryptoart.com

jr. member

Activity: 42

Merit: 3

Yep... This is potentially great news for Texas ATM operators like coinvaultatm.com. I don't believe they use a third party to clear transactions.

adub

full member

Activity: 171

Merit: 100

Changing avatars is currently not possible.

http://blog.atlantabitcoin.com/texas-guidance-on-bitcoin-atm-operation-is-kind-of-a-big-deal/

Quote

Yesterday, April 3rd, the Texas Department of Banking issued guidance on Cryptocurrencies and businesses that exchange them in the state of Texas. This is ground breaking news because, while there have been rumors of other states taking a similar stance off-record, Texas is the first state to issue formal guidance on the subject.

The highlight of the 5 page memorandum is the reasoning they use to differentiate between an ATM that is engaging in Money Transmission vs an ATM that is not. It all boils down to whether or not a 3rd party (Exchange) is involved in the transaction.