Topic: Bitcoin ATM operator Consource has received a license to work in the state of NY (Read 151 times)

Management of financial services New York city (NYC) has issued the 12th on account of the license to conduct activity on the territory of the state (Regulations).
Its owner was the Texas-based company Consource, according to CoinDesk.

Consource is the operator of bitcoin ATMs and already has 40 terminals in new York, having worked until today on the terms of a preliminary license.

General counsel Coinsource Arnold Spencer noted that this is the first case of the issuance of the Regulations, the operator of bitcoin ATMs, adding that it receive evidence of the correctness of the business model of the company and compliance with all regulatory requirements.

"It was a long and meticulous process. We first applied in 2015, and since then, NYDFS has studied our activities very carefully, forcing us 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 machines.
They were also subjected to a full audit of the company's accounts.

The company notes the fast operation of its ATMs due to the system of its own development for user verification.

Currently, Coinsource customers can only buy and sell bitcoins, but cannot send them to other addresses.
However, having the license of the money transfer operator in 18 States, the company hopes that next year will receive similar licenses in all other States.

"By that time, we will be able to offer users the opportunity to upload cash to ATMs and transfer bitcoins to third — party wallets," the company representative said.

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

Recall that in September, the analytical firm MarketsandMarkets published the results of a study of the market of crypto-currency ATMs.
According to researchers, the average market growth will be 54.7% annually and by 2023 will reach $144.5 million.