The researchers attributed the development to “the growing acceptance of cryptocurrencies internationally.” More and more regulatory authorities in different countries are developing rules for the crypto industry, thereby creating a favorable environment. Analysts noted closer cooperation between crypto ATM operators and financial institutions, which helps ensure compliance with laws and the security of cryptocurrency transactions.
In 2023, the market size was estimated at $87.35 million, Research and Markets recalled.
Crypto ATMs are increasingly used in retail and financial services, as well as by tourists. There are more and more devices in public places: in shopping centers, stores and gas stations, the study authors noted.
Some countries, particularly the UK, are wary of installing these devices. In 2023, the British Financial Conduct Authority (FCA) conducted inspections in several cities for the presence of illegal crypto ATMs. A year later, the FCA accused a London resident of illegally operating several crypto ATMs, which processed transactions worth about $3.4 million from December 2021 to September 2023.
Recently, the US Federal Trade Commission also expressed concerns about the use of crypto ATMs. The agency warned that since 2020, the volume of fraud involving these devices has increased tenfold.
Source: Bits
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