In New York, LibertyX, which will provide consumers with the sale of Bitcoin through debit terminals, is the first DFS virtual currency licensee to allow customers to use debit cards to purchase Bitcoin from traditional ATMs.

Co-Founder & CEO of LibertyX Chris Yim said, “After an extensive review process, we are delighted to receive the blessing of the NYDFS and offer the first debit card Bitcoin purchasing options to New York State residents.

To date, the NYDFS has approved sixteen charters or licences for companies in the virtual currency marketplace. Its approval is based on stringent requirements including:

• Bank Secrecy Act/anti-money-laundering controls and other controls to do with the Office of Foreign Assets Control, with the aim of preventing money laundering or terrorist finance;
• risk-based controls to prevent and respond to any potential or actual wrongful use of Bitcoin, including but not limited to its use in illegal activity, market manipulation, or other similar misconduct, as required by the regulator’s diktat of 7 February 2018 entitled Guidance on Prevention of Market Manipulation and Other Wrongful Activity;
• compliance with the regulator's transaction-monitoring and cybersecurity regulations; and
• policies and procedures to protect consumers and resolve their complaints.