Why would [we] I help people get a license that isn't needed for everyone?
Our base offering provides for a machine which can be used in several places with no licensing whatsoever *Do not construe this as legal advice and ask a competent attorney before acting* Our Texas attorneys advised us that an Individual or Business who is selling their own coins does not require MSB licensing. This is how our system was modeled. The ATM's can (again pending your attorneys verdict) be setup at stores, bars, shops, kiosks around Texas as well as other locations in the US without licensing concerns.
This may be why you are so confused. Bitcoin ATM's designed for ease of ownership and operation as well as affordable and portable bitcoin ATM's have not been around for a long time.
Great questions though, keep them coming.
Interesting, I'd assume that you got that response recently? I built a Bitcoin ATM a couple years ago, and it was only explicitly legal to operate in two or three states at the time. Not trying to threadcrap, just honestly interested in how the laws have changed. Two years ago, demo models weren't allowed to be powered on in New York, couldn't be operated in 28 or so states at the time, and was a gray area in the rest minus a couple. If your findings have shown more favorable legal responses, that would be an interesting indicator of judicial awareness of Bitcoin.
Either way, by watching the video, I know the hardware in it, approximate production costs, software to some extent, etc. There shouldn't be any problems with security/counterfeit bills or anything of that nature, and the price is pretty decent.
Thanks Salty! Glad to hear our pricing is on point. It was difficult to find a good price point and yes the acceptance rate and counterfeit detection was a big part of choosing components and is a big part of the units cost.
On the regulation front it is partially new regulations and clarifications by states and mostly the way these ATM's operate when in standalone mode.
The Texas example comes from the premise that an individual can sell cryptocurrencies which they own without the burden of financial regulation (obviously to certain extents and limits). In standalone mode our machines DO NOT purchase coins from an exchange which allows them to operate as an automated way for companies and individuals to sell coins which they own complying with rulings in many jurisdictions (I only have received legal advice regarding Texas).
Of course the distributed management and wallet control systems we offer as extended services can purchase through exchanges and control a lot of coin loading unloading functions. This service is just not needed or included in the base units making them ideal for individuals and small companies who get the OK from their OWN attorneys to operate these in approved jurisdictions.
Most of our current inquiries and most of our pre-release inquiries are for bulk sales and international sales as just like you said most ATM's are not legal to operate in the US without licensing and in some places even with licensing you can't operate them. This was one of the major reasons for creating the machines we did.
*Again nothing here is intended expressed or implied as legal advice. Seek the counsel of a competent attorney in your jurisdiction. *