How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 110363
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

I need to know if bitcoin atms are legal to own/operate in

Customer Question

I need to know if bitcoin atms are legal to own/operate in the state of Delaware since there are currently none in the state that I can find. If they are allowed, do I need a specialized license in order to conduct such business.
"With all developments in the Bitcoin area over last couple of years one thing became more prominent — regulation. Bitcoin ATM business are not an exception. In many jurisdictions you need to get special licenses like MSB or others in order to conduct such a business. Running a bitcoin ATM without complying with law might end up bad. So the main point to start investigating in case you would like to run a bitcoin ATM — is the legal framework for such activities in your region."
Submitted: 4 days ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 4 days ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Actually, there are no current regulations on bitcoin in the US and there are no regulations in DE on bitcoin. Bitcoin is treated by the US government like any other currency that is used and it is subject to taxes and your ATM would follow all the same regulations as any regular bank ATM.
Customer: replied 2 day ago.
Do money transfer laws apply?
Expert:  Law Educator, Esq. replied 2 day ago.
Thank you for your reply.
Bitcoin in the US is treated identical to currency/money, so all of the same laws applying to a regular money ATM apply to bitcoin ATM as well.

Related Business Law Questions