New York: Buy Bitcoins at ATM
New Yorkers can now buy Bitcoin with their debit cards at traditional ATMs. With the newly granted license of the New York regulator, LibertyX is the first licensee to be allowed to offer this service to New York residents.
LibertyX is a provider of bitcoin payment services and launched its first Bitcoin ATM in 2014. Since then, thousands of local stores have been equipped with bitcoin payment options. The startup partnered with Genmega in 2018 to offer the first conventional ATM in the US where you can also buy Bitcoin. The Bitcoin purchase option is to be expanded to over 100,000 ATMs across the country.
According to this announcement, the New York State Department of Financial Services (DFS) is aiming for a leading position in fintech innovation.
DFS continues to rapidly and responsibly respond to financial services market by licensing technology-based money transmitters under New York's money transmitter law; Online lenders under New York's banking law; and virtual currency exchanges under New York's financial services law. To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace.
To use a debit card you need a LibertyX account and the mobile app. Account holders can then buy up to $3,000 worth of bitcoin a day.
The license from the New York State Department of Financial Services (DFS) provides LibertyX regulatory certainty to operate in New York, a luxury for many developers and blockchain-based companies.
Developers and investors in many other countries do not have this regulatory certainty. There is also confusion and a lack of regulation in Europe, which is holding back the growth of an entire crypto industry. There is a great danger here of missing out to more progressive states.