Cryptocurrency companies need to adhere to existing guidelines. Especially in New York State, that can be a rather big problem. For Coinsoruce, obtaining the NYDFS license has been an ongoing challenge. The company is now in the clear and can operate legally in this neck of the woods without problems.
The State of New York is one of the few to effectively introducing licensing requirements. Known as BitLicense, it has become a topic of massive controversy over the years. Fewer than two dozen companies have obtained this expensive license since its introduction several years ago. Coinsource is the latest company to join this illustrious list.
A Major Milestone for Coinsource
As of this week, the company has received the green light. Their new virtual currency license is a big milestone for the company. They are the first Bitcoin Teller Machine operator to achieve this approval. As such, it seems a matter of time until Coinsource’s Bitcoin ATMs become more commonplace in the New York State area.
NYDFS Superintendent Maria T. Vullo adds:
“Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation. New York’s financial services marketplace is thriving with companies committed to complying with DFS’s regulations that ensure the security of transactions, safeguard the industry and protect consumers.”
Coinsource currently operates several dozen Bitcoin kiosks in New York state. Although these machines were in place prior to obtaining the license, that number is likely to increase. The company’s application was reviewed thoroughly and the firm needs to adhere to very strict guidelines at all times. Even so, it is a big step forward for the Bitcoin industry as a whole.