Actually, there is licensing that one may want to be cautious and obtain, but Bitcoin hasn't been ruled as currency in this state yet, so getting a "Money Transmission license" is sort of pre-emptive.. In our state, that license is fairly easy to attain. You qualify by applying, having at least $50,000 in assets, and meet some criminal history standards. But over all it's much easier and cheaper to attain that I thought it might be. The semi-expensive part is getting a bond. But that seems to be around $250 per year. So the overall investment if fairly minimal here, IF a Money Transmission License is necessary. However non-bank (typically owned by a retail store) locations, that operate a fiat ATM do not need to be licensed in this way from what I have learned by asking around. At least this is all that I know from my own personal research regarding this topic. I am not a lawyer, and I can not offer you legal advice. So please do your own research.
In some states more licensing is needed than in other states, and some states have no regulation for crypto-currency. There are only a hand full of states that have even really addressed the bitcoin topic.
Beyond the information that I have found so far, it appears that we are relocating to a different state, so that we can be near family. So we won't be pursuing this license any furtger in this state.
But thanks for pointing this topic out;
https://bitcointalksearch.org/topic/do-i-need-a-money-transmitter-license-for-a-bitcoin-atm-in-idaho-usa-663651REF:
http://www.mondaq.com/unitedstates/x/277850/Financial+Services/Bitcoin+Current+US+Regulatory+Developments------------
Current State of Regulation
Money Service Business and Money Transmission Registration and Licensing
As of the time of this writing, FinCEN is the only US federal regulator to have released official guidance on the use of Bitcoin. In March 2013, FinCEN published interpretive guidance clarifying the application of the Bank Secrecy Act and the USA PATRIOT Act to Bitcoin and other convertible digital assets by stating that any administrator or exchanger of bitcoins (or other convertible digital asset) must be a registered MSB under FinCEN's money transmitter regulations. The release indicated that individual users of bitcoins that are not operating a business would not be considered MSBs and therefore would not be required to register, report or perform recordkeeping. Such clarification also requires administrators or exchangers of bitcoins to comply with applicable state law and register with certain state regulatory agencies.
Furthermore, various state regulators, including the California Department of Financial Institutions, the Idaho Department of Financial Services and the New York Department of Financial Services, have followed FinCEN's example and have issued interpretations or mandates requiring that Bitcoin exchanges and service providers register and/or seek licenses on a state level as money transmitters or MSBs.
