Will banks introduce bitcoin into regular ATMs?

Although Bitcoin ATMs and cryptocurrencies in general are a growing business, many banks are still reluctant to work with these companies due to regulatory concerns, especially as a result of Russia's war with Ukraine and the consequent regulations announced on crypto. However, banks are developing models to determine whether they can work with cryptocurrencies or bitcoin ATMs.

What does it take for ATMs to become bit machines?

One banking-related COO shared details about what banks need in this business during a session at ATMIA , held February 8-10 in Orlando, Florida.

First, the COO reported on the reason why banks work with cryptocurrency companies. That reason is the fees and deposits that these companies keep at the bank.

Enterprise risk assessment precedes BTC introduction

Before banks decide whether they will work with crypto companies, these banks must conduct a risk assessment of the company to determine whether it is worth it.

Is the operator Bitcoin ATMs licensed, KYC and AML compliant?

The assessment will include elements that regulators will look for in a business, such as whether the company has the necessary state licenses and is compliant with "know your customer" rules, or so-called KYC, and AML (anti-money laundering law), the Bank Secrecy Act - and more.

Evaluating cash suppliers

They will be evaluating cash suppliers to the facilities using armored vehicles.

Control of high-risk clients and portfolios

Finally, Bitcoin ATM operators will need to keep a close eye on their customer base, particularly high-risk wallets that may be linked to criminal activity. To do this, Bitcoin ATM operators will need to implement tools to monitor transactions for dangerous situations.