CARSON CITY, Nev.—The state of Nevada has shifted its regulatory stance on cryptocurrency kiosks and now requires a state money transmission license.
BitAML Senior Advisor Annelise Strader told CoinDesk that Nevada “abruptly and without announcement” changed its regulatory stance on cryptocurrency kiosks. BitAML is a provider of compliance services for bitcoin ATM operators.
Following the last legislation session closing in May without passing a proposed cryptocurrency bill, Strader said the state’s regulatory team changed its interpretation of what constituted a money transmitter within the state. Kiosks must be licensed by the state and will require a surety bond requirement.
Priced at $5,000 per kiosk, surety bonds are paid to the state as an insurance mechanism for customers against business failure, CoinDesk explained.
Under the new interpretation, any transfer of value–money, credit, virtual currency, or other–falls under the license. Businesses and proprietors must apply and complete a checklist to obtain a license, CoinDesk said.