May 4, 2022 (Investorideas.com Newswire) The installation of crypto ATMs has been stagnating recently. According to a cryptomonday.de analysis, the installation of crypto ATMs began stagnating in 2022. This marks the fourth month on the slow trend. At the beginning of the year, the net change dropped by 14.3% to 1,687 ATMs from December 2021’s high of 1,969 ATMs.
The number of new crypto ATMs installed globally has dropped to its lowest level since 2019 as the crypto market slows down. 1,817 crypto ATMs were installed globally in the first two months of 2022. Last year saw 2,435 crypto ATM installations during the same period. It was accelerated by El Salvador’s adoption of bitcoin as legal tender.
Since this year began, the trend has been going downwards, with figures for Feb and March dropping to 757 ATMs and 739 ATMs, respectively.
Stringent regulations on the crypto market
Cryptomonday believes that the stagnation may have resulted from regulators’ hesitance to adopt the Bitcoin systems. The trend coincides with the crypto market slowdown and tightening regulatory framework around virtual digital assets.
Strict regulations have impacted numbers. About a month ago, the U.K.’s Financial Conduct Authority (FCA) shut down crypto ATMs in the country.
This week has not been any easier as Belgium also mandated crypto exchanges and wallet providers, including ATM operators, to register with the Financial Services and Markets Authority (FSMA)
Prospects for global crypto ATMs
As regulations slow down crypto ATM additions in other regions, Mexican Senator Indira Kempis recently announced the launch of the new ATM in the Senate building in Mexico. The total locations of ATMs in the North American jurisdiction now stand at 14.
The crypto ATM market still has a lot of potential because of the rising number of young crypto adopters. Despite the challenges, the global crypto ATM market is projected to reach $3557.05M by 2030.
Read the full story here: Crypto ATMs Installation Growth begins to Flattens in Q1 22
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