Experts predict that Bitcoin ATMs (BATMs) will have to face stricter regulations around the world, and countries including Canada and Germany are already tightening anti-money laundering requirements.
A report by CipherTrace on June 2 estimates that 74% of transactions made from American Bitcoin ATMs were dispatched from the country in 2019. The report also found that 88% of the funds sent from U.S. cryptographic ATMs for virtual currency exchange were transferred abroad. In recent years there has been a sharp increase in this ratio, which has doubled every year since 2017.
The CipherTrace report was published two days after the entry into force of new legislation treating Canadian virtual currency companies as Money Service Businesses (MSB).
BullBitcoin reported on Twitter that the new rules will have the greatest impact on those companies that exchange crypto for cash, listing Bitcoin ATM operators as those with the greatest impact. Bitcoin ATM operators are now required to report all transactions worth $10,000 CAD or more.
A revised law on the proceeds of criminal activity (money laundering) and the financing of terrorism was adopted in June 2019 in connection with the Mayor of Vancouver's call for a city-wide ban on Bitcoin ATMs due to concerns about money laundering.
