Cryptocurrency kiosks in Nevada have been considered a great way to ensure mass adaption of cryptocurrency in the United States. However, political and regulatory moves continue to hinder cryptocurrency growth.
According to the latest reports, there has been a shift in the regulatory stance of the state of Nevada on the digital currency Kiosk; now a money transmission license is required.
Annelise Strader, BitAML’s Senior Advisor stated that an abrupt and unannounced shift in the regulatory stance of Nevada has happened regarding the digital currency Kiosk.
Strader further stated that regulatory team of the state has changed the description of the money transmitter in the state. Now Kiosks needs to be state-licensed and moreover, a surety bond would be required.
Cryptocurrency kiosks in Nevada pricing
The kiosks are priced at five thousand dollars per piece ($5000), and the surety bonds will be paid as insurance to state. So, according to the latest interpretation, the transference of value in any form, be it cryptocurrency, credit or any other will require licensing. So, businesses or whoever is dealing with it needs to apply for a license.
Moreover, the surety bond requirements amount to one thousand dollars upfront along with the five thousand dollars per location. The bond requirements maximize at two hundred and fifty thousand dollars ($250,000). All the requirements are posted publicly on the official state website; however, they do not plan to issue a press release regarding this matter.
This is not the only instance of state regulations hindering the cryptocurrency sphere. Indian investors are facing a ban on the cryptocurrency while the case is pending in the Supreme court. The current hearing gave the defendants a chance to show Reserve Bank of India and the judges different examples of successful regulatory measures.