Fresh Bitcoin ATMs Installed in EU Despite Regulatory Uncertainty

Austrians have an appetite for more Bitcoin ATMs according to MediaMarkt, a German electronics retailer that had a successful Bitcoin ATM pilot.

"MediaMarkt stores across the country have been equipped with Bitcoin vending machines. In total, these are now present in twelve large shopping centers and enable the simple and secure purchase of cryptocurrencies."

Europe’s largest consumer electronics retailer, MediaMarkt partnered up with Coinfinity, an Austrian Bitcoin company to manage the rollout of the ATMs. MediaMarkt is currently operating in 13 countries, with over 850 stores.

According to the ATM company - Kurant, the Head of Marketing & Sales, Sperneder explained to Cointelegraph, that they found a correlation with the interest in purchasing Bitcoin and cryptocurrencies in digitally savvy people and the ATM’s typically target a slightly different target audience. They are thought to offer an alternative to getting a hold of Bitcoin easily and safely with a low threshold to purchase.

Regulatory Uncertainty

The UK recently clamped down back in March on non-registered ATMs as its Financial Conduct Authority (FCA) has taken a tougher stance on Bitcoin ATMs because they lack regulatory structure. 

In a statement issued by the FCA, all crypto ATMs are considered illegal until they are registered and advises all citizens to avoid crypto ATMs. There have even been cases where operations with Crypto ATM providers like Gidiplus were halted because of failures in complying with their standards.

However, in spite of all of the regulations, Sperneder will be hosting Bitcoin ATMs in stores because they allow retailers to “participate financially in the stationary sale of cryptocurrencies.” Austria is expected to add 12 more Bitcoin ATMs to its total of 110 and is expected to continue growing.