According to Coin ATM Radar, the uncertainty surrounding cryptocurrency regulation has led to a decline in the number of new crypto machines launched.
Information on the Coin ATM Radar analytics site shows that 2021 saw the highest number of crypto machines installed, peaking in August with 2,037 units launched that month.
Since January 2022, crypto machine launches have dropped to 1,687 units per month, down from a December high of 1,969. Since then, the number of new machines has continued to fall, with 970 ATMs launched in February, 757 in March and 739 in April.
The leader among countries is the US: at the August 2021 peak, 1,867 new crypto machines were installed there. This was followed by a slight drop, then a rise to 1,866 crypto machines in November and then a drop to 206 units in April 2022. Canada installed 161 crypto machines in August 2021, with only 16 new pieces of equipment in April.
Europe lags behind the US and Canada, with a peak in November 2021, with 38 pieces of equipment installed in the EU. In April, there were only 15 new crypto machines. The leader in ATM launches among European countries in 2021 was Spain. The country installed 13 crypto machines in October 2021. Exactly the same number were installed in March 2022.
A drop to 1 piece of equipment followed in April.
In March, the UK’s Financial Conduct Authority (FCA) declared crypto-machine operators illegal, resulting in the suspension of these activities. As early as February 2021, 72 crypto machines were dismantled in the UK, followed by the installation of 14 new machines in January and the removal of 43 ATMs in April. The explosive increase in ATM installations last year was attributed to El Salvador being the first in the world to accept bitcoin as legal tender. There are now 205 Chivo-branded ATMs installed in El Salvador, accounting for 70% of all cryptocurrency ATMs in South America. El Salvador now has the third largest crypto ATM network after the US and Canada.