New York regulator grants virtual license to bitcoin ATM operator

Jewelry with the Bitcoin logo is seen on display at the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar

NEW YORK (Reuters) - New York state’s Department of Financial Services said on Thursday it has approved the virtual currency license of bitcoin teller machines operator Coinsource Inc.

Coinsource, based in Fort Worth, Texas, operates 40 bitcoin kiosks in New York state, located in New York City and Westchester and Nassau Counties. The company allows customers to insert cash and buy bitcoin and store it on their mobile wallet, or sell bitcoin for cash, by scanning their mobile wallet at the kiosk.

“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,” Financial Services Superintendent Maria T. Vullo said in a statement on Thursday.

The state Department of Financial Services has approved 12 charters or licenses so far for companies in the virtual currency marketplace.

Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio

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