Coinsource the world’s largest bitcoin ATM company had been operating in New York almost ever since the company’s inceptions but in a provisional license. However, only recently, they have been granted official approval, in the form of a Bitlicense, to continue their services.
On this issue, an external spokesperson opines that the wait was worthwile, as this approval makes them much more legitimate. She added,
“Coinsource has been operating with a provisional license within that state, so the approval of the license does not necessarily change the service, but further legitimizes the company as a whole. Being granted an official license is a huge step towards general adoption. […] This milestone demonstrates to both other crypto companies and the general public that if you remain compliant and play by the rules, you will be rewarded.”
Sheffield Clark, the CEO of Coinbase, said,
“From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency. Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the bitcoin industry takes another step toward public adoption.”
Coinsource which has gained worldwide recognition, as they inch toward setting up 200 machines. Most if these ATMs are two-way ATM, such that users can use them to both buy and sell the bitcoin
Coinsource ATMs support transactions from $5 to a higher limit of $5,000 per day.
Coinsource believes that for bitcoins to a much wider acceptance, real-world bitcoin ATMs are of utmost importance and is the first and so far the only Bitcoin ATM , to be granted a full BitLicense. As New York is the financial hub, and these ATMs will help connect with a larger user base too.
BitLicense has been the cause of a lot of frustration, debate and worry, since it was first proposed and subsequently implemented by the New York Department of Financial Services. Several exchanges and bitcoin service providers have had to shut down shop, due to this licensing scheme, which many believe promotes favouritism and biases. However, only time will tell if the regulations will have a negative or a positive long term impact.