The world’s largest bitcoin ATM company has finally received official approval to operate in New York. They had previously been operating in New York almost since the company’s inception via a provisional license. Last year, they received coverage in the New Yorker and have frequently been in the news with word of new ATMs across the country. Coinsource is creeping toward 200 machines, the majority of which are two-way ATMs — meaning that users can buy and sell bitcoin through them. Coinsource ATMs support transactions from $5 to a limit of $5,000 per day.
Coinsource is the first and only bitcoin ATM operator to be granted a full BitLicense. New York being the hub of finance in the United States, it presents an important opportunity to expand the userbase of bitcoin and later other cryptocurrencies as a whole.
Whether or not the regulations will have a positive or negative impact on bitcoin companies remains to be seen. Regulation, in general, can have both positive and negative impacts on innovation, but in the case of the BitLicense, it can be argued that it discourages companies from operating in cryptocurrencies rather than another type of regulation which might encourage them to do so.