Crypto exchange Bitgamo is set to install around 75 crypto ATMs across Europe in the next year. Bitgamo has been growing significantly and stands out as the only crypto-to-fiat exchange without KYC requirements, providing competitive exchange rates.
However, the introduction of MiCA regulations in Europe raises questions about whether all platforms can carry out their expansion plans.
Bitgamo Launches New Crypto ATMs Across Europe
Crypto ATMs have become incredibly popular among the crypto community. Bitgamo’s announcement of adding 75 new ATMs in Europe is a sign of their growing presence in the market.
Bitgamo stands out as one of the few crypto exchanges with a no-KYC policy, allowing users to trade cryptocurrencies without the need for registration. Their Luxembourg location provides them with a legal framework that treats cryptocurrencies as assets, eliminating the requirement for mandatory Know Your Customer (KYC) processes.
However, despite Bitgamo’s success with no-KYC, they may encounter challenges when the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) comes into effect in the upcoming year. MiCA, published in June 2023, is the EU’s comprehensive regulatory framework for crypto assets. It aims to address various crypto-related aspects and close existing loopholes.
Weak Guidelines May Face Challenges in Europe
Sam Altman, the CEO of OpenAI, has raised concerns about the strict regulations in the European Union (EU). He suggested that OpenAI might consider leaving Europe if the current regulatory proposals are not revised, as he fears potential excessive regulation.
In September, several cryptocurrency exchanges, including Bitget, strengthened their Know-Your-Customer (KYC) verification processes. This move enhances user security and aligns with evolving global regulatory standards.
It’s worth noting that the Financial Action Task Force (FATF) had previously emphasized the importance of collaborative efforts to combat issues like proliferation, terrorism financing, and money laundering in the crypto sector.
Despite these regulatory changes, Bitgamo remains positive about its future prospects. Gabriel Weber, Director of Communications at Bitgamo, mentioned that the exchange is well-prepared for its next phase of growth in 2024. They plan to install 75 crypto ATMs across Europe, offering users the best market rates, both online and at these ATMs.
Distribution of Crypto ATMs. Source. Coin ATM Radar
Based on information from Coin ATM Radar, there are currently 32,088 Bitcoin ATMs worldwide, and they are run by 508 different organizations. Europe has 1,473 crypto ATMs, which make up about 4.6% of the total number globally. Among European countries, Spain is at the forefront with a 0.8% share of crypto ATMs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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