Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
The month of May saw a major incline in the number of Bitcoin ATM installations after a year of declining numbers in crypto ATMs.
In the first four months of the year, the number of Bitcoin ATMs was continuing the declining trend. The net installations took a knock mostly with the United States facing a decrease in machines. In countries with smaller economies and crypto trading, including Australia and Spain, the number of ATM installations was increasing over the course of the year. According to Coin ATM Radar, the number of Bitcoin ATMs had decreased by 5850 over the first quarter of the year. In stark contrast to these declining figures, nearly 1400 ATMs were installed over the world in May alone.
With 35028 teller machines across the world, the first quarter decline took out nearly 15% of all machines in the world from the start of the year to the end of April. The additional machines installed in May was an increase of just over 4% in just one month.
Bitcoin ($BTC) ATMs are a physical way for users to trade Bitcoin for fiat currency. A user can deposit cash into the machine and request the cryptocurrency to trade for the cash. If they are happy with the trade, they accept and enter their wallet address or QR code into the machine. The cash will be exchanged for cryptocurrency and will be sent directly to the user’s digital wallet.
Which countries have the most Bitcoin ATMs?
The United States is the leading country in terms of Bitcoin ATMs in the country, despite the decrease in installations. With 29999 ATMs at the time of writing, the US has nearly 85%. After the United States, Canada has nearly 8% with 2739 ATMs installed in the country. Australia has 462, installing 233 of them in 2023 so far, taking the country to third in terms of total ATMs in the country.