Bitcoin ATM installations in Europe reach ATH despite MiCA regulations

by James · October 12, 2022

Europe has reached an all-time high when it comes to Bitcoin ATMs, with the number at 1,459. The all-time high comes amid the extensive MiCA regulations.

The number of Bitcoin ATMs in Europe has reached an all-time high, according to data from Coin ATM Radar. The figure is 1,459 as of October 12, with worldwide installations at 38,604. The all-time high in Bitcoin ATM installations comes at a time when the EU looks poised to approve the landmark MiCA regulation.

Growth in ATM installations in Europe is 5% so far this year and 10% year-on-year. At the same time last year, the number of ATMs was around 1,324.

The use of Bitcoin ATMs seems to be increasing in Europe, and Greece in particular is experiencing a lot of activity. The country has around 64 ATMs in use, and some tourists who are crypto enthusiasts have made good use of them. Greece has quite a few crypto hits and an active crypto community.

Another European country, Austria, has also seen several crypto ATMs installed. Earlier this year, electronic retailer MediaMarkt installed ATMs in 12 markets across the country.

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The US still leads in the number of Bitcoin ATMs

The US has by far the most Bitcoin ATM installations, with 33,779 ATMs. Canada follows with 2,541 ATMs, with Europe in third place. The latter may still be far away from other countries, but there is a noticeable interest, as seen in Greece.

Of interest is the fact that global Bitcoin ATM installations actually decreased for the first time ever. Close to 500 ATMs were removed. It is unclear why exactly this may have happened, but regulations and increasing control from the authorities may play a role.

The United States Federal Bureau of Investigation said in a public service announcement published on October 3 that fraudsters were using crypto-ATMs to defraud individuals. They state that losses range from tens of thousands to millions of dollars.

Europe is moving closer to comprehensive crypto regulation

One of the most discussed headlines this week has been the MiCA regulations that the European Union (EU) has been working on. It recently received approval from the economic department of the European Union and will see a final vote in a parliamentary session later this year.

The bill is comprehensive and covers several aspects of the crypto market, including consumer protection, money laundering prevention and stablecoins. Analysts expect it to have an impact on the market, and the EU is also examining the DeFi market for potential regulations.

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