The number of Bitcoin ATM installations in Canada has increased by 28% year-over-year. There are 2,549 Bitcoin ATMs in the country, which is second only to the United States.
Canada continues to increase its Bitcoin ATM installation rate. Data from Coin ATM Radar currently shows a 28% growth year-over-year. The number of Bitcoin ATMs in Canada is 2,549, with the number of ATMs being under 2,000 this time last year.
Canada has added nearly 400 Bitcoin ATMs since the start of the year. In January 2022, there were 2,174 ATMs, which is quick progress and notable considering this year has been a bearish one. There has also been good progress over recent quarters.
In Q2 2022, there were 2,479 ATMs, while in Q3, there were 2,545 ATMs. The country has been seeing roughly 100 new Bitcoin ATMs every quarter, which is significantly higher than most other regions.
The United States is the runaway leader when it comes to Bitcoin ATM numbers, with nearly 34,000 installed in the country. Europe has 1,466, and this figure has remained constant for a while, though it reached an all-time high despite MiCA regulations. Worldwide, there are 38,750 Bitcoin ATMs.
Most other countries have much smaller numbers of Bitcoin ATMs. There could be several reasons for this, including regulations and the high fees associated with it.
Bitcoin ATMs celebrate a nine-year history
Canada is actually home to what it believed to be the first Bitcoin ATM in the world. A Bitcoin ATM was opened by a coffee shop in the city of Vancouver on Oct. 29, 2013, just over nine years ago.
Since then, Bitcoin ATMs have been doing fairly, especially in the North American continent. The United States might have since become home to the most crypto ATMs, but Canada remains firmly in second place.
There are some for Bitcoin ATMs yet, even as the effects of the bear mark linger. However, scammers have begun to target these devices, too, with U.S. authorities issuing a warning about them.
Canada beginning examination of the crypto market
Canada has also begun reviewing regulations for stablecoins and the general crypto market. The federal government plans a consultation on the crypto market, stablecoins, and central bank digital currencies (CBDCs). It recognized that it needed to keep up with innovations, and to this end, launched the consultation on Nov. 3.
Canada has been accelerating its supervision of the crypto market, taking multiple punitive actions lately. The securities commission issued warnings on unregistered crypto companies, while some Canadian firms are facing a lawsuit for failing to disclose crypto trading fees.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.