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Bitcoin ATMs in Nevada now require a money transmitter license

August 30, 2019

Bitcoin ATMs in Nevada now require a state money transmitter license. 

The Nevada Financial Institutions Division has issued an official statement on the matter.

"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," the agency said. 

Interested parties can find the requirements for a money transmitter license posted on the state's website. 

Businesses must apply to obtain a license and meet a series of requirements. Included in the list is a surety bond requirement, starting at $10,000 for the first location and $5,000 for each additional location in the state. Bond requirements max out at $250,000.

Paid to the state, a surety bond provides a financial guarantee that a business owner will abide by certain laws and regulations. 

According to Coin ATM Radar, a site that tracks the machines, Nevada currently has 110 bitcoin ATMs. There are more than 5,500 bitcoin ATMs in the world, with the majority of those (3,500) located in the US.