Category Archives: Bitcoin ATM Regulation

Bitcoin Depot ATM

The Fifty U.S. States and Cryptocurrency Regulations

Article is provided by Jennifer L. Moffitt, a privately practicing attorney. Contacts can be found at the end of the post.

In the United States, virtual currency, such as Bitcoin and other similar coins, and virtual currency exchanges have been subject to federal regulations, with taxation and financial crimes the most prominent regulatory issues.[1]  However, it is at the state level that regulation of virtual currency has been most contradictory.  The U.S. states have mixed responses to the emergence of cryptocurrency.  Some of the states have ignored cryptocurrency by not implementing or amending any laws that address virtual currency.  However, other states have taken action with some states somewhat hostile towards virtual currency while other states are more welcoming.  In a number of states, the response towards cryptocurrency is currently ambiguous with no actual position taken.  This discussion will attempt to categorize regulations by restrictions placed on virtual currency and identify states by category of regulation.  In addition, the implications and effects of widely divergent state level legislation and regulations will be examined.

State Level Cryptocurrency Regulatory Tools

There are several regulatory tools used by states to regulate and control virtual currency.  These include money transmission laws, licensing requirements and regulatory guidance.  A brief summary of these tools is provided below.

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Bitcoin ATM Banking — How To Find a Bitcoin Friendly Bank

In this article we look at one of the most important problems bitcoin ATM operators have — finding bank relationships and opening a bank account.

Bitcoin ATM banking services

At the end of the post there  is a company mentioned that provides services as intermediary and connects bitcoin ATM operators directly with bitcoin friendly banks also providing additional services on the way.

Disclaimer: We are not affiliated with this company, please do your own due diligence before entering in relations. The material is posted and contacts are provided because in our opinion it brings a value for many operators who potentially need banking relationships, but struggle to find it. Continue reading

Experience of running bitcoin ATMs by Gil Valentine from Athena Bitcoin

The following video from Chicago meetup in beginning of 2017. Gil Valentine, one of the founders of Athena Bitcoin, gives a presentation about their experience of running bitcoin ATM business.

At the moment of presentation (March 2017) Athena Bitcoin runs machines in 7 different states and 12 metro areas.

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Bitcoin ATM Regulatory Requirements in USA

With a lot of interest in the industry many entrepreneurs want or plan to start a bitcoin ATM business. We at CoinATMRadar get many support requests for information how to do it, what are the steps etc. Here is a good overview of what are important aspects of operating bitcoin machines.

One of the main topics to research is regulation and what is needed to be done to properly register such a business. This is very important to do in right way from the beginning if you plan to do it professionally long-term and with potential to grow your bitcoin ATM network in the future.

Compliance

Disclaimer: Information provided in this article is a general overview of current regulation found in public sources. It should not be taken as a legal advice. It is recommended to contact local lawyer in the area where you plan to operate machines. You can find several contacts at the end of this post.

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