Tax and accounting advice Crypto ATM
Do you want to open a company to exchange cryptocurrencies? Do you know the money laundering requirements you must comply with? Do you know what a Crypto ATM is?
What is a crypto ATM (automated teller machine)?
An automated teller machine (ATM) is an electronic device that is used by financial services to provide various transactions to their customers.
The most commonly used ATM transactions are cash deposits and withdrawals, fund transfers and obtaining account information.
The explosion in the popularity of cryptocurrencies has also influenced ATMs and led to the development of cryptocurrency ATMs. The most popular are, of course, Bitcoin ATMs that allow people to exchange Bitcoin for cash, but Litecoin and Ethereum ATMs can also be found. However, cryptocurrency ATMs are not an ATM in the traditional sense, as they are not connected to a bank account, but to the blockchain itself.
There are currency exchange companies that act as intermediaries. Some examples are GBTC, BitBase, Group BTC, Weex, among others. However, there are private individuals who also act as currency brokers.
If you need help in the management of your cryptoassets, consult our cryptocurrency advisory service and contact us.
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