New York Awards First-Ever BitLicence To Bitcoin ATM Company
BTM has already received its license from NYDFS. It becomes one of the cryptocurrencies to receive an operating permit from this body.
The company announced authorization of BitLicense recently. Arnold Spencer who is the legal counsel of the corporation is the one who disclosed this information to the public. Despite having 40 BTMs, it had not gotten full approval from the regulatory authority. The permit is intended to implement regulatory safeguards thus, encouraging the growth of the crypto sector.
After obtaining the permit, Spencer said that it was an indication that they had met all the regulatory requirements. The company commenced the process of obtaining the license three years ago. However, the corporation was pushed by NYDFS to improve their strategies and procedures.
Some of the conditions that the business had to meet were having to develop an enduring plan and improve their cyber security infrastructure.
The firm further explained that it had experienced a growth of 500% since 2015. They have increased the number of machines and their revenue has increased significantly.
Additionally, the entity’s BTM is more user friendly than the traditional exchanges. The account opening process for the corporation is on a real time basis. The machines are also faster which makes it easy to execute transactions. In addition, they have other security features known as know-your client checks.
Therefore, the customer must bank particulars and proof documents before executing transactions. Coinsource now needs few documents such as a phone number and a selfie. It is also beneficial to individuals without bank accounts as it enables them to access digital money.
Currently, coinsource customers are not permitted to send money to different wallets. However, they can purchase or sell BTM via BTMS.
Though, this corporation has currency transmission permits in many states. It is still waiting for approval of other 15 states. Spencer believes that the digital money will be embraced in all 50 American States. Customers will have an opportunity to deposit money into machines and transmit bitcoin to third-party wallet. In this case, all clients must be registered to use this platform.
Coinsource Anticipates To Extend Activities Outside US
The entity has held conferences with market watchdogs in some nations before extending their services to those areas. Additionally, the corporation has shown great interest of expanding their services to South American nations.
Expanding operations to foreign nations will enable the firm to generate more revenue in the future. Besides, it will help the corporation to spread its risks.
In the future, more companies should be allowed to operate in this market to give the customers more options. However, the regulatory authorities should tighten their rules to ensure that all corporations follow the law.