The Virtual Currency ATM software is a physical machine that gives access to people to buy virtual currency in exchange for hard cash. These machines are integrated with a scanner, a cash dispensary, and a running front-end system to manage the transactions. We, at Infinite BlockTech, can help you to create a flawless virtual currency ATM software that will help your customers to transact hard cash for virtual currency without any hassles.
Before setting up a virtual currency ATM software, you should identify and research the legalities of the money transmitter within the states. The legal technicalities of the impending state where the ATM software will come online should be taken care of. Most states are friendly with the Virtual Currency services.
Register your Money Services Business (MSB) with FinCEN to regulate your services and avoid money laundering issues and other legal services.
Create and maintain relationships with the bank so that the transaction of giving virtual currencies for hard cash may be regulated by the bank and replenish the bitcoin balance.
By registering with FinCEN, you have to develop the Anti-Money Laundering program to prevent your Virtual Currency ATM from being used for other money-laundering services.
Now that the legal and other issues have been resolved, check if your Virtual Currency ATM Software is going to be one-way or two-way bitcoin issuer.
The AML program has been created and now test out the program your AML controls and test out the threshold of your program.
Provide a solid customer services to support and provide solutions for your customer’s grievances.