Bitcoin has been increasing in popularity in the last months due to its price increase and media coverage. One Bitcoin can now be worth up to £14,000 in the different cryptocurrency exchanges. In order to satisfy the demand generated in recent times, SatoshiPoint has and continues to install Bitcoin ATMs at different points of the United Kingdom at an ever-growing rate.
Bitcoin Cash Machines Industry Growing
For a lot of people, buying and selling bitcoin is not so easy as for others. In the United Kingdom, there has been an expansion of the ATM network that allows individuals to buy or sell Bitcoin for cash, at these “gateway” points individuals and businesses are able to enter or exit the cryptocurrency sector.
In an interview with the BBC, Larry Koloz, from Street News in Central London, explained how the Cash Machine work and how people buy Bitcoin.
We get all sorts of people; I would say they are from any part of the country, from any part of the society rich or poor. We do have working class people coming in as well. They do have a lot of money, like £5,000 we’ve seen.
SatoshiPoint is one of the many projects that SatoshiSolutions is dealing with. The main idea is to break down the barriers to entry and make the use of cryptocurrencies easier than fiat money. At the moment, SatoshiPoint has ATM’s in 25+ locations across the United Kingdom with great news to come in 2018.
Anti Money Laundering (AML) and Know Your Customer Policies (KYC)
2017 was the best year for the cryptocurrencies. The market capitalization grew extraordinarily and every month reaches new all-time highs. At the moment, the virtual currency market has passed half a trillion dollars and for 2018 experts predict that it will keep growing.
Institutions and governments are also paying close attention to Bitcoin and other cryptocurrencies. Bitcoin and other altcoins have always been mentioned in the media as the currencies of the dark web. And relevant entities are aware that criminals and terrorist have allegedly been using them to perform different illegal actions, though these pale in comparison to the “dark money” that travels through the traditional system.
New regulations and different policies to control the activities around cryptocurrencies increased during this year. It is important for enterprises and cryptocurrency exchanges to operate under the Anti Money Laundering and Know Your Customer policies, often for their own protection against individuals attempting fraud. And some of them view it as a positive sign to work legitimately under such criteria.
These are the reasons why the Treasury of the United Kingdom is prepared to regulate the cryptocurrency market. According to local media, “the Treasury has disclosed plans to regulate Bitcoin that will force traders in so-called cryptocurrencies to disclose their identities and report suspicious activity.”
Many UK based businesses already follow AML/KYC procedures so any regulatory criteria are likely to already be adhered to, with possibly a few small changes for some businesses. This will further allow cryptocurrencies to establish themselves further within the UK.
“Every person has to be physically registered with our system. We take their ID, we take their picture and we upload them into the system. So it is checked if the details and all the documents are legitimate and they can be recognized by the system,” explains Koloz.
Registered customers £2k a day unregistered customers £500 a day customers that try and do multiple transactions will have their wallet address blacklisted, and last tx held back until ID is given and possible SARs reporting will take place.
Date Published: Monday January 8, 2018
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