US State of Nevada Financial Institutions Division has recently issued a statement concerning the need for the protection of the general interest in view of the increasing adoption of blockchain technology and cryptocurrencies. The regulator's statement implies that even Bitcoin ATM operators are required to get their licenses before they can legally operate.
According to the NFID, "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."
Of course, when doing business whether cryptocurrency related or not offline or online there is a need for a license. Heck, even a small convenience store selling small items must file the necessary permits and must comply with required documents to do business especially under the area where one is operating. Now, how much for an operator of a Bitcoin ATM which involves money and cryptocurrency? We should not be expecting special treatment and at the same time we should discourage the regulating offices not to make things burdensome. Doing business anywhere means we have to follow the laws of the land as many of the regulations in place are there to protect the interest of the consuming public, generally speaking. Personally, I am not for a market that is totally unregulated because that can be the breeding ground of abuses, scams and exploitation so there is really that need to balance things out.