I'm not an attorney but I have been navigating this cluster in the US since August (that includes having one of the best Bitcoin attorneys out there on retainer).
If you are looking into Bitcoin ATM/Kiosk operation in the US, I can answer a lot of questions and some you some time, maybe some money.
Shoot me an email if you want to chat. I'm happy to share what I've learned.
[email protected]
Topic: bitcoin ATM (Read 1493 times)
I inquired about the Lamassu's in New Jersey and when I called the NJ Department, I was told that although its not needed as of right now, it would be wise to get a Money Transmitter license, which requires $100,000 in the bank. The person that answered was very helpful and was actually telling me I was the second person, besides a big online service, looking into the NJ license.
He also stated that He is trying to get further clarification for the future as NJ is up in the air right now. I am assuming many states in the USA are in this situation, but you also don't want to get caught running an ATM *IF* they confirm you do need a money transmitter license.
As said above, best to consult with a lawyer as well as the local Govt. I was also told that since this is so cutting edge, you would most likely *NOT* get in trouble after the Law Passes. As long as you comply with them after the law changes, no penalties would arise. Again this could very by state.
Kosta
He also stated that He is trying to get further clarification for the future as NJ is up in the air right now. I am assuming many states in the USA are in this situation, but you also don't want to get caught running an ATM *IF* they confirm you do need a money transmitter license.
As said above, best to consult with a lawyer as well as the local Govt. I was also told that since this is so cutting edge, you would most likely *NOT* get in trouble after the Law Passes. As long as you comply with them after the law changes, no penalties would arise. Again this could very by state.
Kosta
I don't think you would get in trouble either. If the government has not classified it as money yet, then what's the difference between a token or voucher machine etc? But yes, best to check and at least get on record of enquiring.
I inquired about the Lamassu's in New Jersey and when I called the NJ Department, I was told that although its not needed as of right now, it would be wise to get a Money Transmitter license, which requires $100,000 in the bank. The person that answered was very helpful and was actually telling me I was the second person, besides a big online service, looking into the NJ license.
He also stated that He is trying to get further clarification for the future as NJ is up in the air right now. I am assuming many states in the USA are in this situation, but you also don't want to get caught running an ATM *IF* they confirm you do need a money transmitter license.
As said above, best to consult with a lawyer as well as the local Govt. I was also told that since this is so cutting edge, you would most likely *NOT* get in trouble after the Law Passes. As long as you comply with them after the law changes, no penalties would arise. Again this could very by state.
Kosta
He also stated that He is trying to get further clarification for the future as NJ is up in the air right now. I am assuming many states in the USA are in this situation, but you also don't want to get caught running an ATM *IF* they confirm you do need a money transmitter license.
As said above, best to consult with a lawyer as well as the local Govt. I was also told that since this is so cutting edge, you would most likely *NOT* get in trouble after the Law Passes. As long as you comply with them after the law changes, no penalties would arise. Again this could very by state.
Kosta
of course!
im not trying to save on legal consulting ! just wondering how it works in other countries
so ?
im not trying to save on legal consulting ! just wondering how it works in other countries
so ?
I would take the guy aboves advice and speak with a lawyer from your state about this.
One-way BTC ATM's are easier to implement than two-way ATM's (I.e., fiat to BTC AND BTC to fiat); mainly because most countries do not recognize BTC as a legit currency.
As far as most see it, you are buying tokens akin to buying tokens for gaming machines at an arcade plaza.
When trying to do BTC to fiat, that's when things are peculiar. Every country is different.
Unfortunately, to be prudent, you need to consult an attorney that is versed not only in your country's business/financial law, but who is also BTC knowledgeable (good luck on that).
Maybe that's why Lamassu's desktop BTC ATM, ~$5000, is currently a one-way (fiat to BTC) system?
JaiChai
As far as most see it, you are buying tokens akin to buying tokens for gaming machines at an arcade plaza.
When trying to do BTC to fiat, that's when things are peculiar. Every country is different.
Unfortunately, to be prudent, you need to consult an attorney that is versed not only in your country's business/financial law, but who is also BTC knowledgeable (good luck on that).
Maybe that's why Lamassu's desktop BTC ATM, ~$5000, is currently a one-way (fiat to BTC) system?
JaiChai
of course!
im not trying to save on legal consulting ! just wondering how it works in other countries
so ?
im not trying to save on legal consulting ! just wondering how it works in other countries
so ?
I don't know if I can emphasize this enough, but if your operating a bitcoin based business (beyond just accepting bitcoin for purchases) then you need to consult competent legal and financial advice in your jurisdiction.
hi all
it would be very useful if everyone would post the legal state of importing and operating a bitcoin ATM + texas and customs fees and prices.
plz specify your country
cheers
it would be very useful if everyone would post the legal state of importing and operating a bitcoin ATM + texas and customs fees and prices.
plz specify your country
cheers
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