Bitcoin ATM Operators in Nevada Requires License to Operate - page 2.

RealMalatesta

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Quote from: Harlot on September 09, 2019, 07:35:32 AM

Isn't this obvious? I mean a business for it to be fully operational legally they still need to undergo some kind of licensing or at least acquired a husiness permit to operate. Businesses don't come out like mushrooms where a person with a capital can just start right away we have laws in check for them to run legally and also be monitored woth their taxes which in this case also the buyers since they are also buying assets for the said Bitcoin atms. I don't even know why they have news about it, are there any Bitcoin atms running ilegally in Nevada lately?

If they don’t license companies even If they are the owner of the company, people would operate the company in a lawless manner, and one of the reason why they do register companies is for taxing purpose.

If they don't license them, there is no way that they will be able to tax the company, and if you really see the purpose of this licensing, it is for taxing, and you already know the stand of government as regards cryptocurrency, it is better that the license the atm operator now, because this is still part of this regulation that we are talking of , before any scammer will just create a company now for the same purpose and would have scammed people before they even know that the atm operator is not the real one, so you see why we have to be licensed.

hugeblack

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It is an exchange regulation relationship (between cash and cryptocurrencies,) so it is necessary to have a license, especially with the growing interest in cryptocurrencies.

This indicates the development of crypto industry in that state, which led to the emergence of such commercial activities and therefore the need for some licenses to continue.

There are no restrictions on currencies and the news is not focused on cryptos but rather the method of conversion.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

This will only be bad if the Fiat ATM operators does not require any license, but I think it is applicable to any operation that handles Fiat transmission. Bitcoin to Bitcoin transactions cannot be regulated, because there are no Fiat currencies involved and how do you regulate something that cannot be controlled or monitored? < How will they know if I send bitcoins from my Ledger to a Paper wallet > Roll Eyes

It gets complicated when Fiat gets involved, because Fiat is very regulated and controlled by third parties like Banks. These third parties have loads of checks and balances and customers have to adhere to strict KYC/AML regulations. Tongue

sheenshane

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You should attach links for further references.
Here: https://cointelegraph.com/news/nevada-regulators-say-bitcoin-atms-will-need-license-to-operate
https://www.nevadacurrent.com/2019/08/28/nevada-targets-unlicensed-cryptocurrency-atms/

Having ATM machines for bitcoin is a part of a business, so it is obvious that they will require to comply with licenses for their business.
It is better to require licenses than they are going to ban as I read before, Bitcoin ATMs machines need to be banned since they are aiding money laundering. So, I will not surprise this news and let's accept the fact that it is a part of a business that must have license for better security on us(as a user).

eaLiTy

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Quote from: bryant.coleman on September 09, 2019, 09:45:39 PM

In general I am against regularization, but in some cases for the safety of the customers regularization needs to be implemented. And cryptocurrency ATM is one of the fields where I think regularization is needed quite badly.

Everyone will be on the same page when it comes regulations being implemented to stifle the growth, no one really likes regulation but with everything there are always two side, the regulation is required to protect the end user as you do not need scammers lurking around trying to find victims and we are less than ten years old and we have already seen billions of dollars stolen. But cryptocurrency ATM is a physical machine and most of them i know are installed in stores, it is an instant procedure and i never heard any complaints so far and why do you think regulation is need badly Huh

.

bryant.coleman

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No surprise there. Most of the countries have license requirements for similar operations. The big question is whether this license procurement is a time taking process, or an easy one. I don't think that there is too much red tape and bureaucracy in the United States and therefore this should not be a concern for the ATM operators. This can be mutually beneficial as well. If no license is required, then there is a good chance that scammers can enter in to this field as well. In general I am against regularization, but in some cases for the safety of the customers regularization needs to be implemented. And cryptocurrency ATM is one of the fields where I think regularization is needed quite badly.

goinmerry

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Quote from: Mantas_IUNGO on September 03, 2019, 09:49:00 PM

The regulator's statement implies that even Bitcoin ATM operators are required to get their licenses before they can legally operate.

Of course, it's a business. There is no exception to that even for Bitcoin operators. They need to be registered and follow the regulations.

Bitcoin ATM involves money. No way the government will just allow to install it somewhere without knowledge. Aside from it's useful, it can be used too illegally. For those who are against here, they are not looking on a big picture and will just stand to their beliefs that bitcoin should never be regulated.

Harlot

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Isn't this obvious? I mean a business for it to be fully operational legally they still need to undergo some kind of licensing or at least acquired a husiness permit to operate. Businesses don't come out like mushrooms where a person with a capital can just start right away we have laws in check for them to run legally and also be monitored woth their taxes which in this case also the buyers since they are also buying assets for the said Bitcoin atms. I don't even know why they have news about it, are there any Bitcoin atms running ilegally in Nevada lately?

oaz7t

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Sounds pretty valid circular by NFID. I mean this will at least ensure that ATM those are being installed are not forged and you can do the transactions with full confidence. That will be ensured by NFID authority before issuing any certificate to them.

btc_angela

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So what do you expect? Today we have a lot of regulations coming around and it could do good things for the whole crypto sphere per se. I think there has been discussions about this one years ago if ATM really requires licenses before it can operate. But for me its pretty obvious, its a business so certainly a license issues by the state is needed and it could set a precedent for other state to follow this rule as well, win-win situation.

Mantas_IUNGO

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US State of Nevada Financial Institutions Division has recently issued a statement concerning the need for the protection of the general interest in view of the increasing adoption of blockchain technology and cryptocurrencies.

The regulator's statement implies that even Bitcoin ATM operators are required to get their licenses before they can legally operate.

According to the NFID,

"Any entity that facilitates the transmission of or holds fiat or digital currency by way of brick-and-mortar,
kiosk, mobile, internet or any other means, should contact the NFID to request a licensure determination."

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