Without even having the courtesy of issuing a press release or an official announcement to crypto stakeholders, the state regulator reinterpreted the cryptocurrency bill. Now Nevada has new rules for firms operating under its state money transmission bill.
Through the reinterpretation of the bill, any transfer of value, whether via virtual currency, credit, money among other businesses, operators must get a license. However, that’s not it all to acquire the license proprietors in the space have to complete a checklist. As part of their requirement for getting a license, business operators have to pay the state an upfront business surety bond. Depending on your business, the surety bond ranges from $5,000 to $10,000 with the highest surety bond pegged at $250,000. While the regulator didn’t bother to offer an official announcement, the above info was laid out in the public domain after Senior Advisor Annelise Strader went before the regulator as BitAML representative.
BitAML Case Brought Everything Out
Thanks to BitAML having issues with its operation’s, Senior Advisor Annelise Strader had to seek the regulator’s clarification. However, the regulators took long to replay to Strader request. The latter ended with her following up on the issue with the Nevada Division of Financial Institutions state regulator Julie Hanivold. Hanivold shaded more light on the matter by informing Annelise Strader of the changes made to the bill.
Moreover, Hanivold redirected all those seeking clarifications to visit the regulator’s website and get further information. Hanivold finished off and said the state regulator has no plans of issuing an official statement on the matter.
While the changes might be right, they are a double-edged sword. Although the state regulator aims is to regulate the sector properly, its proposal will put a hold on the mass adoption of cryptocurrencies. Among those adversely affected by the law are crypto kiosk operators. The above recommendations will require them to fork out a surety bond of $5,000 after getting the license.
Cryptocurrency kiosks are the sure way of promoting mass adoption of crypto by giving enthusiasts direct and easy access to their holdings. Although at the moment, the state regulator doesn’t plan on doing follow-ups to ensure operators comply with the new law, they will do that down the line.