State OKs Bitcoin ATM Kiosk Network

The state Office of Financial Regulation has issued an order that could help a Wyoming-based company operate bitcoin ATM kiosks in Florida.

A Wyoming-based company that wants to operate bitcoin ATM kiosks in Florida will not need to be licensed as a “money transmitter” in the state, according to an order issued by the state Office of Financial Regulation.

The order, signed Aug. 9 by Commissioner Russell Weigel, comes after Bitcoin National ATM Network, LLC, submitted a petition July 2 seeking confirmation that it would not need such a license.

The company’s petition said it plans to operate kiosks in Florida that would exchange cash for bitcoin.

“This confirmation (of not needing a money transmitter license) will not only ensure compliance with Florida law but also support the expansion of Bitcoin National’s operations into Florida, contributing to the state’s economy and fostering the growth of the virtual currency marketplace within a regulated framework,” the petition said.

It said the “majority of customers seeking Bitcoin ATM services are individuals purchasing small to moderate amounts of bitcoin.”

Customers would scan virtual currency wallets on their cell phones at the kiosks, according to the petition. They then would insert cash, and the kiosks would send bitcoin to their wallet addresses.