June 01, 2018 Substantive Law

So You Want to Put a Bitcoin ATM in a Coffee Shop

By Michael Whalen

Reprinted with permission from Business Law Today, May 15, 2018. ©2018 by the American Bar Association. Reprinted with permission. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

This writer received three cold e-mails in two weeks asking for legal help around operating a bitcoin ATM (BTM). (For ease of reference we call these machines BTMs, but they generally serve other virtual currencies, including Ether and Litecoin.) Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?” Lawyers and businesspeople work on the assumption that for every one person who asks you a question, 100 others also want to ask you the same question or are asking someone else. Ergo, this Flash.

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