News Crypto ATMs in Nevada to Be Licensed Under Current...

Crypto ATMs in Nevada to Be Licensed Under Current Laws


- Advertisment -

Following the failure of a proposed law earlier this year which would have required the licensing of crypto ATMs in Nevada, state lawmakers have decided to bring cryptocurrency ATMs under existing laws, Nevada Current reports.

The state’s unknown number of crypto ATMs, found everywhere from immigrant bodegas to corner stores to casinos, will now be licensed by the Nevada Financial Institutions Division (NFID).

According to NFID, spokeswoman Teri Williams:

“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.”

According to the publication Futurism, more than 3,000 of 5,000 crypto ATMs in the world are located in America. Convenience store Circle K recently rolled out 20 crypto ATMs at locations in Nevada and Arizona.

In addition to an exchange rate, users of crypto ATMs usually also pay additional transaction fees of between 8 and 30 percent, with some “BTMs”(bitcoin ATMs) currently allowing anonymous transacting.

Chip Meyers of Hilt Ventures, who says his company is the largest provider of cryptocurrency ATMs Nevada, said he believes more people will be using crypto ATMs and digital wallets for financial services in the future:

“Millennials are not trusting of government…There’s a movement around the world to provide financial services to those who don’t have bank accounts and don’t want to pay high fees. All they need is a phone.”

Authorities have their own trust problems. The city of Vancouver is currently contemplating a ban on crypto ATMs after a damning report by veteran police officer Sergeant Alvin Shum called crypto ATMs, “an ideal money-laundering vehicle.”

In the report, Shum states:

“Given the lack of a central authority, there is no controlling organization who can monitor or regulate the transfer of funds to ensure a legitimate transaction…This creates a prime opportunity for the criminal element to capitalize on remaining anonymous, as they work to defraud unsuspecting citizens, launder money, and make large-sum anonymous transactions.”

A spokesperson for the Las Vegas Metropolitan Police, however, told Nevada Current that she has no knowledge of any investigation currently underway involving cryptocurrency ATMs in Nevada.



Please enter your comment!
Please enter your name here

Latest news

Crypterium Signs New Partnership with Apple Pay, Unveils its Virtual Card

In late 2017 when Bitcoin and other digital assets became quite popular, the consensus amongst enthusiasts was...

Top 5 Crypto Invoice Services for Making Business Administration Simpler

In the current economic landscape, the cryptocurrency’s worldwide adoption is picking up at an ever-increasing pace.

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....
- Advertisement -

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Must read

- Advertisement -

Read Next
Recommended to you