Over 50 Bitcoin ATMs Operate Legally in Russia, Study Finds

Most BATMs Concentrated in Large Cities
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. 51 of the installed devices are registered and in full compliance with the current Russia law.
Legal Uncertainty Deters Crypto ATM Companies
Russian crypto experts say there are several factors restricting the expansion of the crypto ATM market in the country and the central bank’s position on their control is one of them. Another hurdle is the high price of the equipment. A single teller machine supporting cryptocurrency transactions costs between $3,000 and $13,000. Crime is also a major concern as a number of incidents with stolen or damaged machines have been reported. Arguably, the biggest problem is the absence of a comprehensive regulatory framework for the whole 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.
Images courtesy of Shutterstock, Swiss Venture Capital Report 2019.
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