Yugocean
Valued Contributor
The Financial Conduct Authority (FCA) has instructed providers of Bitcoin and other cryptocurrency ATMs, to cease their operations in the UK, and has warned them of enforcement action if they fail to do so.
This has led some people to speculate that the UK has declared bitcoin ATMs illegal, but in reality this is not the case. The FCA only wants to tax it.
All bitcoin ATM operators in the UK are unlicensed. So, there is a problem in arranging regulation. People using cryptocurrency for less than £250 are eschewed by KYC and AML, which also poses the issue of smurfing.
At the moment, it doesn't make any difference to Britons as there are limited number of cryptocurrency ATMs in UK, and some of those are always out of order, which are not updated. The cryptocurrency ATMs that do operate are unpopular due to the high fees they charge.
This has led some people to speculate that the UK has declared bitcoin ATMs illegal, but in reality this is not the case. The FCA only wants to tax it.
All bitcoin ATM operators in the UK are unlicensed. So, there is a problem in arranging regulation. People using cryptocurrency for less than £250 are eschewed by KYC and AML, which also poses the issue of smurfing.
At the moment, it doesn't make any difference to Britons as there are limited number of cryptocurrency ATMs in UK, and some of those are always out of order, which are not updated. The cryptocurrency ATMs that do operate are unpopular due to the high fees they charge.
