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One of the largest and most popular Bitcoin ATM operators in Spain and Europe - ShitcoinsClub - has decided to raise today their limits for checking customers’ I.D. documents up to 1,000 euros.
Bitcoin ATMs in Spain are very popular and offer a lot of possibilities for crypto investors. They also provide a physical device with which the public can interact with to receive almost instant payouts or purchases, which has made them more popular over time, as well as being a kind of beacon for the crypto world to promote their new technology.
Before we talk about the change in the verification process at Bitcoin ATMs, let’s first learn what is KYC in general:
Know Your Customer, often referred to as KYC, is nothing more than an identification and due diligence process used by banks, financial intermediaries or cryptocurrency businesses to certify that registered users are natural persons or not. It requires the client to identify themselves using a personal document among other things. This kind of procedure rightfully stops crime activity such as: tax avoidance, money laundering or financing terrorism. Thanks to the regulations, many criminal activities have been prevented. However, everyone agrees that transactions below 1000 EUR do not pose such a risk, and verifying customers each time they want to make a small ~500 EUR every few months. It is very problematic for customers, who must wait for the successful verification, and for financial insitutions that
The second largest Bitcoin ATM operator in Spain, ShitcoinsClub, has recently decided to raise their limits for checking customers’ I.D. documents in transactions up to 1,000 euros. This will be good news for customers who do not wish to register or to present IDs when making smaller transactions and will significantly cut down the time of completing their purchases or sales. For those who regularly use Bitcoin ATMs, this will surely come as a positive news, as now conducting translations.
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This decision was made by the management of Shitcoins.club after close consultation with the Spanish regulators as related in a special interview given to the Madrid Bitcoin ATM blog team with one of the media representatives for the Spanish Shitcoins.club branch, who told us:
“As a company we always put the customer first to make sure that their experience using our ATMs is smooth and overall a pleasant experience. One of our values is that we avoid unnecessary formalities such as entering your phone number, conecting Gmail account, connecting bank account, and we avoid remarketing cookies. We believe these things are against the spirit of the free, decentralized, uncommercialized Internet as we remember it from our younger years".
"Now, every step someone is trying to track, collect and then sell our data for marketing purposes. This is also why our company focuses on decentralized systems, which also represent the values of the Old Internet. And this is also one of reasons why our company name - ShitcoinsClub - is an inside joke that pokes fun at the corporate culture of today. Also, we believe the Bitcoin ATMs should be lightning fast. You should be able to buy or sell at the BTC ATM faster than at a bank ATM! And the verification process takes a while, as you must take out your ID and scan it both sides. It ruins our vision of Bitcoin ATMs being simply better in every way than bank ATMs. Call us crazy, but we do believe decentralized institutions sooner or later will replace most centralized institutions".
"However, we also aim to fully comply with the laws where we operate, as continuous functioning allows us to work on creative projects related to blockchain that passionate us. So after close consultation with the Spanish regulator, Sepblac, we are able to change our policy to allow customers to make faster transactions, while also staying within the bounds of the regulations. We feel this will make usings our ATMs much more convenient. After all, having to take out your ID and scan it each time you operate with a small amount can be quite time-consuming and frustrating”.
We have learned that the regulator citied the following legal basis enabling the change:
In the article 4, paragraph. 1 of Regulation 10/2010, the following is indicated:
“Article 4. Formal identification:
1. Obliged entities will identify and verify, on the basis of reliable documents, the identity of as many natural or legal persons as possible intending to establish business relations or participate in any occasional operations, the amount of which is equal to or greater than EUR 1,000 (...)”
To complete the KYC process at a Bitcoin ATM in Spain, you need to provide one of the following real and valid IDs:
Spain is very high on the list of countries with the most ATMs.
Spain is already number one in Europe for Bitcoin ATMs with 269 locations, followed by Poland, and then Romania and Italy. It has already surpassed even El Salvador (212 locations).
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In Europe, as these companies are seeing new regulations being rapidly formed, often revolving around safety issues for the customers and the identification and reporting of suspicious transactions, the new emerging trend shows signs that customers will be more and more checked. It is unusual, then, that an operator decides to increase their KYC limits.
Hopefully, with time we will see Crypto ATMs receive a surge in popularity, and thus make it possible for the ordinary man-on-the-street to use it as much as maybe a bank ATMs. To see locations for Shitcoins.club ATMs in Madrid, click here.
Okay, time now to summarize what we have learned, and also add some new information with this Commonly Asked Questions about Bitcoin ATMs in Spain and KYC:
In general, the obligation for the KYC process arises when the amount of a transaction exceeds the amount specified in the local law. In most cases, verification is required when the amount is greater than the threshold of 999.99 Euros (as it is for Spain).
Bitcoin ATMs are similar to ordinary ATMs, with the difference that physical money is not withdrawn: it is virtual money instead, such as Bitcoin. Basically, BTC ATMs allow you to buy cryptocurrencies by paying cash, but some models also allow you to sell them. The ATMs mentioned in this article all work for both ways: buying and selling.
Bitcoins, and all other cryptocurrencies, are by no means anonymous because each transaction is recorded in a sort of public diary called a "ledger", which anyone can consult. By its very nature, payments in Bitcoin are traceable (i.e. they still leave a trace of the transaction in the blockchain) but they are anonymous, so it is not possible to know who made the transaction and who received it.
Judging by the questions that are asked on the internet, many are wondering how much you can withdraw, per month, from a Bitcoin ATM. There is no such limit in Spain.
ShitcoinsClub is an ATM operator that makes it possible to buy Bitcoin and other cryptocurrencies without identifying the user, as long as the transaction or group of transactions in a quick succession do not exceed 999.99 euros. Their services also support Litecoin (LTC) and Ethereum (ETH), and Tether (USDT).
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Use secure wallets and make backups of your passwords and seed words.
Having a cold wallet with backup is certainly one of the best solutions for keeping your cryptocurrencies. This is because "cold" wallets record data offline and only go online when the user makes a transaction. By using these methods, you can still use Bitcoin ATMs in Madrid. The most popular cold wallets are made by the companies Ledger and Trezor
KYC is mandatory for occasional service with a transfer equal to or more than €1,000, but also when there is a suspicion of money laundering, terrorist financing, or there are doubts regarding the real identity of the customer.
The KYC requires financial service providers to collect information about the identity of their customers. This could be done, for example, through official identification or bank statements. In the case of Bitcoin ATMs, it is showing a valid and real proof of identity such as a national ID card or passport.
There are literally thousands of cryptocurrencies today, making it difficult for many to navigate this new digital world. To overcome this problem, it is possible to get information from sites such as cajero-bitcoin-madrid.com in order to acquire independent information on the subject and stay updated.
There is no limit on how much cash you can take with you or keep at home. Owning cash is not an offense, neither penal nor administrative. Nobody can violate the domicile address without a warrant signed by a judge.
Inflation, i.e. the increase in the prices of the products we consume every day, lowers the real value of the savings deposited in the current account. This means that by holding a fixed amount of money, you will be able to enjoy fewer products and services in the future than you do today.
Transactions at Bitcoin ATMs mentioned here do not require credit or debit cards, just cash.
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As long as you are not making any suspicious transactions you should be okay.
The cash limit in Spain is 1,000 euros without ID which includes withdrawals and deposits of
crypto at a Bitcoin ATM. Any amount exceeding 1,000 euros is only processed after KYC identification by the customer.
To do this you must select the sell Bitcoin option. Then select the amount of euros you wish to withdraw. You can then select a QR code which will appear on the screen, and the amount of BTC you need to send to that QR address wallet. You must transfer this amount of BTC to that address from one of your personal wallets, and then wait for the transaction to be realized, and for the cash to appear at the ATM. It's that simple.
No-one it was designed to be decentralized and transparent. the only information not easy to obtain is the identity of the owner of a Bitcoin wallet, otherwise it is easy to check amounts e.g. how much Bitcoin was moved on a particular day.
By using Bitcoin ATMs and keeping your transaction under the KYC limit of 1000 EUR. Keep in mind, even the slightest suspicion of using an ATM to avoid taxes, or launder money, is immediately reported by all Bitcoin ATM operators in the world.
Unlike other countries, buying Bitcoin in Spain is sometimes possible in shopping centres. The Government has not yet extended the purchase of cryptocurrencies by using more accessible channels, but it is possible to do so by using a Crypto ATM at some shopping centres.
You can do it by bank transfer, practically on almost all exchanges. Alternatively, on LocalBitcoins there are also other payment methods (in this case, the commission rates are higher). This is why, usually Bitcoin ATMs are recommended.
This industry that seemingly sprang up overnight thanks to the rise of Bitcoin in pop culture has also created a new beat for journalists and enterprising reporters who have a front row seat for this technology’s evolving role. Mike is one of them!
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Last month’s daring heist in Madrid at the Carrefour shopping centre underscores the importance of enhanced security around the use of Bitcoin ATMs in the city.
The community of investors using Bitcoin ATMs in Madrid is growing quite rapidly. New devices are popping up every month. Prices, fees, KYC and Bitcoin all fluctuate quite visibly. It is becoming harder and harder to stay in the loop of what is happening in the Bitcoin ATM market in Madrid. With this blog, you are able to follow the recent developments and never miss out on changes in law or new methods of trading crypto privately with cash.
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