Number of Bitcoin ATMs increases in Russia amid lack of regulation.
There is demand for the service as it offers easy access to cryptocurrencies, although not at the best exchange rates and still amid regulatory uncertainty.With growing interest in cryptocurrencies, the number of devices offering automated teller services for digital assets is increasing, the Russian business daily Kommersant noted in article. Several dozen bitcoin ATMs are now operating across the country, despite the lack of clarity in terms of regulation.
Rusbit offers its ATMs for between $1,800 and 3,600 and maintains them for 1% of the turnover. The company says its business is completely legal regarding the law “On Digital Financial Assets” which went into force in January, last year. The devices share data with the Federal Tax Service just like cash registers and verify the identities of customers, keeping records of their crypto addresses.
Alexander Sharapov, a lawyer from KSK Group, pointed out that it’s unclear what legal acts should regulate the interaction between the seller and the buyer of the cryptocurrency in the case of BATMs. Pavel Ganin, partner at A.T.legal, added there is no procedure for consumer rights protection either.