submitted by coin_canada to Bitcoin [link] [comments]
https://preview.redd.it/fgd8rfu9sl931.png?width=1024&format=png&auto=webp&s=fe8c918b175166c68e6966e88861d8b4708f818asubmitted by Rajladumor1 to omgfin [link] [comments]
Cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) as of June 1, 2020, according to a notice published on July 10.
This requirement will come into effect along with other amendments to Canada’s new anti-money-laundering (AML) laws next year.
Crypto exchanges will also reportedly be required to observe Know Your Customer policies and report any suspicious transactions to the Canadian watchdog; this also includes keeping records of their clients and hiring a compliance officer for their platform.
A report by The Globe and Mail notes that up until now, compliance with these policies has been voluntary, but some exchanges have chosen to do so anyway.
The motivation for implementing the new policies is reportedly to get Canadian banks onboard and in cooperation with cryptocurrency exchanges.
According to Lori Stein, a partner at business law firm Osler, Hoskin & Harcourt, Canadian financial institutions have historically been concerned about the risk of money laundering and terrorist financing via crypto exchanges. Stein said:
“The hope is that now that there is going to be a requirement to register and comply, and oversight by FinTRAC, that banks and other financial entities are going to be more open to providing services to and dealing with virtual-currency businesses.”However, Stein points out that some international exchanges may not be willing to comply with the new Canadian rules. Some other experts reportedly agree, saying that having mandatory regulation requirements could result in cryptocurrency exchanges opting to exit from the Canadian marketplace.
The CEO of blockchain startup Bitaccess, Moe Adham, told The Globe and Mail, “I expect to see a number of firms relocate outside of Canada, as well as international firms limiting access to Canadians.”
The new regulatory policies may also drive crypto exchange customers away, some say. “This has the potential to drive cryptocurrency underground again," said Canadian crypto exchange Coinsquare’s AML officer, Charlene Cieslik. Cieslik said that customers who do not want to reveal their information to exchanges, would likely just transact with each other directly.
As previously reported by Cointelegraph, a bill was signed in 2014 that required some foreign entities to register with FinTRAC for Bitcoin (BTC) payments.
Bitcoin ATM Global Market Overviewsubmitted by DOBI-ATM to DOBIATM [link] [comments]
By DOBI ATM
The BitLicense aroused a big buzz when the a big ATM operator Coinsource announced its granting of BitLicnese, a virtual currency trading license for cryptocurrency trading service; As reported from Cointelegraph, it took 3 years to be granted since the first application to New York Financial Securities(NYFS).
This obviously indicates the advancing development of Bitcoin ATM industry since the first Bitcoin ATM came out in Vancouver, Canada on 29th October 2013.
Overall Global DataAfter about 5 years development, bitcoin ATM industry sees increase in market capital and maturity.
Bearish Bitcoin price meet downturn though, Bitcoin ATM is growing continuously in installation, capital, distribution and the manufacturer.
The latest statistic from CoinatmRadar( the biggest bitcoin ATM data research institution) reported that there are 3949 bitcoin ATMs in total worldwide until Nov. 05, 2018. Although increasing speed declines with the sluggish bitcion market, we can still see 1849 ATMs increased with 89% growth rate from 2079 ATMs to 3927 in 2018. Now, the crypto ATMs installation speed rises to 6 machine per day. It’s estimated to reach a figure of $16.3 million of market capital in 2018
Industry：Continuous Increase in installation, profit, manufacturers
Distribution of bitcoin ATMs across Continents:
The wide awareness of bitcoin and cryptocurrency promote the bitcoin ATM adoption cross the world.
It’s no strange that North America and Europe share the large percentage since the economic and population provide the best environment for the use of bitcoin ATM by the majority.
A study conducted by MarketsandMarkets reported that the Bitcoin ATM market will see annual growth of 54% between 2018 to 2023, when the whole industry is forecast to reach $145 million.
Incredibly Increasing High Profit When Emerging Market’s StrugglingIn bitcoin ATM, the profit is mainly from transaction fee with an average of 7%-10% both in buy side and sell side. It’s reported a bitcoin ATM machine comes with $10k to $30k transaction a month with the highest reaching to $100k. The average transaction is 130 times per machine per month. Coindesk even reported Lamassu's survey of $1,000–$3,000 each month earning which equates to annual earnings for ATM operators of between $12,000 and $36,000 per unit.
Increasing Bitcoin ATM Manufacrture:The growing awareness of bitcoin also attracted many investors into Bitcoin ATM business. The biggest bitcoin ATM tracking Radar coinatmRadar reveals 42 typical bitcoin ATM manufacturers and 31 Bitcoin ATM service operators globally. DOBI ATM, as the biggest bitcoin ATM manufacuter in Chinawas also listed.
It’s a newly but of great potential to in digital currency payment solution.
It’s obviously seen from the market share below that Genesis Coin, General Bytes, Lamassu, BitAccess and Coinsource dominant the industry, though. Some newly manufacturer startups also see great potential.
DOBI ATM as highly potential newcomers is striving to provide everyone easy access to buy ans sell bitcoin in hardware solution and software development.
Supported by the a capital group , Currently there’s over 200 business-to-business operators worldwide and now is the biggest Bitcion ATM manufacurer in China
EndingSeeing from the whole cryptocurrency industry chain, there are mining, digital currency exchange, crypto wallet, media and services field, token release company and payment field. Cryptocurrency exchange functions most important for its huge power in liquidity and profitability.
There’s no doubt the blockchain technology will overturn the whole world revelutionary after 10 year’s development since the release of Bitcoin Whitepaper by Satoshi Nakamoto.; And no one would suspect the financial role cryptocurrency is playing, especially in payment field.
Bitcoin ATM can both work as an alternative for exchange and payment solution for daily life. It surely see great market confidence.
DOBI ATM still holds that only project with practical solution in real world that survives at last.
Bitcoin ATM just helps the adoption of wide use of bitcoin in daily payment among the ordinary.
Let’s witness how the cryptocurrency and bitcoin ATM industry expand.
The BitAccess BTMs will also be the first to accept litecoin, the leading alternative cryptocurrency to bitcoin. The machines already work with multiple exchanges, ensuring optimal real-time price quotes for users.
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