Bitcoin ATM locations in Canada jump 28% from last year

by James · November 7, 2022

The number of Bitcoin ATM installations in Canada has increased by 28% year over year. There are 2,549 Bitcoin ATMs in the country, second only to the United States.

Canada continues to increase its Bitcoin ATM installation rate. Data from Coin ATM Radar currently shows 28% year-over-year growth. The number of Bitcoin ATMs in Canada is 2,549, and the number of ATMs was less than 2,000 this time last year.

Canada has added nearly 400 Bitcoin ATMs since the start of the year. In January 2022, there were 2,174 ATMs, which is rapid progress and remarkable given that this year has been bearish. There has also been good progress in recent quarters.

In Q2 2022 there were 2,479 ATMs, while in Q3 there were 2,545 ATMs. The country has seen roughly 100 new Bitcoin ATMs every quarter, which is significantly higher than most other regions.

The United States is the runaway leader in terms of Bitcoin ATM numbers, with nearly 34,000 installed in the country. Europe has 1,466, and this number has remained constant for some time, although it reached an all-time high despite MiCA regulations. Worldwide, there are 38,750 Bitcoin ATMs.

Most other countries have much smaller numbers of Bitcoin ATMs. There can be several reasons for this, including regulations and the high fees associated with it.

Bitcoin ATMs celebrate a nine-year history

Canada is actually home to what they believed to be the first Bitcoin ATM in the world. A Bitcoin ATM was opened by a coffee shop in the city of Vancouver on October 29, 2013, just over nine years ago.

Since then, Bitcoin ATMs have been doing well, especially on the North American continent. The US may have since become home to the most crypto ATMs, but Canada is still firmly in second place.

There are some for Bitcoin ATMs yet, although the effects of the bear mark linger. However, scammers have started targeting these devices and the US government has issued a warning about them.

Canada begins to investigate the crypto market

Canada has also begun to review regulations for stablecoins and the general crypto market. The federal government is planning a consultation on the crypto market, stablecoins and central bank digital currencies (CBDCs). It recognized that it needed to keep up with innovations and to this end launched the consultation on 3 November.

Canada has accelerated its oversight of the crypto market, taking several punitive measures recently. The Securities and Exchange Commission issued warnings against unregistered crypto companies, while some Canadian firms are facing a lawsuit for not disclosing crypto trading fees.

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