The US state Nevada has seen a rise of cryptocurrency ATMs. Now, the Nevada Financial Institutions Division (NFID) has decided how to regulate them.
The regulator has decided that the ATMs where people can access Bitcoin and other cryptocurrencies will have to abide to the existing law, fees and surety requirements.
It has now encouraged 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 a statement published by the Nevada Current.
The decision comes after state lawmakers earlier in 2019 failed to establish new laws to regulate cryptocurrency ATMs in Nevada.
According a Futurism, there are over 3,000 crypto ATMs in America. The same publication stated that there are about 5,000 ones in the world in total.
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