Coinsource, a company that operates Bitcoin ATMs, has been granted a virtual currency license by the New York State Department of Financial Services, DFS announced on Thursday.

It is the first Bitcoin ATM operator to obtain one of the licenses from the state regulator, according to the regulator and the company.

“Today's approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” DFS Superintendent Maria Vullo said in a statement.