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Report: Nevada government makes it mandatory for crypto ATMs to be licensed

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In the latest ruling Nevada Financial Institutions Division (NFID) has made it mandatory for cryptocurrency ATMs to be licensed.

In the latest ruling Nevada government has made it mandatory for cryptocurrency ATMs to be licensed. According to the official document, Nevada Financial Institutions Divisions (NFID) would issue the license after reviewing the business model of the entity.

In a legislative session in May, the government reviewed their policies regarding the cryptocurrency ATMs. Now the government has decided that 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 must obtain a license from the NFID.

The license will be issued after the company files a surety bond with NFID. NFID claimed that this is necessary to save customers from business failure. However, the reports suggest that if an entity proposes to serve as a digital custodian for any form of digital currency, then the business can be regulated as a trust company under the existing laws.

The report also said that under the Nevada Revised Statutes (NRS) any entity that is engaged in the business of selling or issuing checks or of receiving for transmission or transmitting money are required to obtain a license from NFID.

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