The number of bitcoin ATMs around the world has doubled in a year, increasing at an average rate of six per day to reach almost 4,300 devices, according to the latest data provided by Coinatmradar. The majority of these crypto teller machines are located in North America and Europe.
Russia is in the top 10 countries by number of BATMs, according to a study conducted by the Russian Association of Crypto Industry and Blockchain (RACIB) and the IT company Nanobit. Fifty one of the installed devices are registered and in full compliance with the current Russia law. The average monthly turnover of each of these teller machines is around $27,000.
The biggest obstacle to further BATM development in the country is the absence of a comprehensive regulatory framework for the crypto industry. The current Russian legislation does not prohibit the operation of BATMs but the legal status of cryptocurrencies is not determined yet, which prevents major crypto ATM companies from entering the Russian market.
Lawmakers are expected to review the draft law “On Digital Financial Assets” during the spring parliamentary session this year.
Over 50 bitcoin ATMs operate legally in Russia, study findsRead More
