How Kriptomat Built One of Croatia's Largest Crypto ATM Networks – and Got MiCA – Ready Along the Way
Case Study · Croatia
A small team, fifteen crypto ATMs, and regulatory compliance as the foundation of sustainable growth. This is the story of how Bitblock d.o.o., operating under the Kriptomat brand, built one of Croatia's largest crypto ATM networks using GENERAL BYTES hardware and software while successfully aligning its business with the requirements of the European Markets in Crypto-Assets Regulation (MiCA).
Kriptomat (Bitblock d.o.o.) · Zagreb, Croatia
The Problem Worth Solving
The story of Kriptomat began long before Bitblock d.o.o. was established.
As someone who had closely followed the development of blockchain technology and the crypto industry for many years, founder Denis Koštić recognised early on the challenges people faced when buying and selling crypto assets.
At the time, access to crypto assets was far from straightforward. Most transactions took place through online exchanges, often involving lengthy registration processes, limited withdrawal options and a user experience that was anything but simple.
Croatia's crypto ATM market began emerging in 2016 with the installation of the country's first machines. Over the following years, it became clear that there was room for a service that would make buying and selling crypto assets more accessible, while placing equal emphasis on security, regulatory compliance and a seamless customer experience.
With that vision in mind, Bitblock d.o.o. was founded in 2020 and launched the Kriptomat brand.
From the very beginning, the objective was never simply to build a network of crypto ATMs. The goal was to create a business that operates in full compliance with applicable regulations while offering customers a straightforward and reliable way to buy and sell crypto assets.
Today, Kriptomat operates one of the largest crypto ATM networks in the region. The company continues to invest in technology, customer support, system security and regulatory compliance, making crypto assets more accessible to both first-time users and experienced market participants.
From day one, our goal has been to provide customers with a simple, secure and transparent way to buy and sell crypto assets. Regulatory compliance has always been an integral part of that vision.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.Choosing the Right Long-Term Technology Partner
When developing its crypto ATM network, Bitblock understood that selecting the right technology partner would play a crucial role in the company's long-term success.
The company was looking for more than high-quality hardware. It needed a platform that combined reliable software, continuous product development and dependable technical support. Just as importantly, the solution had to keep pace with a rapidly evolving market and an increasingly demanding regulatory environment.
GENERAL BYTES quickly emerged as the natural choice. As one of the world's leading crypto ATM manufacturers, the company provides technology used by operators across the globe while continuously investing in new features and product development.
For Bitblock, the partnership has always been about much more than purchasing machines. A reliable technology platform allowed the company to focus on growing the business, improving the customer experience and building the internal processes that now form the backbone of its operations.
Over the years, the partnership has proven both stable and dependable. Continuous software development and responsive technical support have enabled Bitblock to keep pace with industry innovation and evolving regulatory requirements.
We were looking for a partner that would evolve alongside both the industry and the regulatory landscape. GENERAL BYTES has consistently demonstrated that commitment by continuously improving its solutions and providing reliable support to operators around the world.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.
MiCA – More Than a Regulatory Milestone
Obtaining authorisation to provide crypto-asset services under the European Markets in Crypto-Assets Regulation (MiCA) marked a significant milestone in Bitblock's development.
However, the process involved far more than preparing documentation or meeting formal regulatory requirements. It was a comprehensive transformation of the company's organisational, operational and governance framework to ensure full alignment with European regulatory standards.
As part of the process, Bitblock further strengthened its risk management framework, internal controls, incident management procedures, customer protection measures, outsourcing governance and compliance monitoring systems. At the same time, the company enhanced its anti-money laundering (AML) and counter-terrorist financing (CTF) procedures, including risk assessments, customer due diligence and ongoing monitoring of business relationships.
Receiving authorisation from the Croatian Financial Services Supervisory Agency (HANFA) confirmed that Bitblock meets the organisational, operational and regulatory standards required under MiCA, providing a solid foundation for the company's future growth across the European Union.
For us, MiCA was never the end goal. It was confirmation that we had built a business designed for long-term sustainability, with strong governance, robust security and compliance at its core.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.Compliance as Part of Everyday Business
Obtaining MiCA authorisation was not the finish line—it marked the beginning of an ongoing commitment to regulatory compliance.
Today, compliance is embedded in Bitblock's day-to-day operations.
The company applies automated Know Your Customer (KYC) identification and verification procedures, screens customers against politically exposed person (PEP) databases and international sanctions lists, and continuously monitors transactions using a risk-based approach. Where necessary, enhanced customer due diligence is carried out in accordance with internal policies and applicable regulations.
At the same time, Bitblock continuously improves its internal risk management processes, customer protection framework, information security practices and corporate governance standards. This approach enables the company not only to meet regulatory obligations but also to provide customers with a secure, reliable and transparent service.
Regulatory compliance is not a one-time project. It requires continuous monitoring of regulatory developments, ongoing refinement of internal processes and constant improvement of risk management systems.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.Growth Built on Sustainability
Since its founding, Bitblock has focused on building the Kriptomat network through sustainable and responsible growth.
Today, Kriptomat operates a network of fifteen crypto ATMs across Croatia, supported by a small but highly efficient team. From liquidity management and machine maintenance to marketing, customer education and site acquisition, the team manages every aspect of the business in-house.
The network continues to expand. Kriptomat currently operates 15 active locations across the country—from Zagreb and Rijeka to Split—with each new location selected through careful analysis of accessibility, security, local market demand and long-term business potential.
Growth has never been measured solely by the number of machines. Equal importance is placed on regulatory compliance, robust internal processes, reliable technology, high-quality customer support and efficient business operations.
Since launching the Kriptomat brand, Bitblock has recorded consistent growth in both its customer base and transaction volumes, reflecting the increasing adoption of crypto-asset services in Croatia.
At the same time, the company continues to invest in technology, information security, regulatory compliance and customer experience, viewing these as essential foundations for long-term success.
The number of machines alone is not a measure of success. In the long run, what matters far more is choosing the right locations, building efficient internal processes and earning our customers' trust.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.What Drives the Success of the Network?
Choosing the Right Locations
Location is one of the most important factors in determining the success of a crypto ATM. Accessibility, visibility, security and local market demand all play a key role in ensuring the long-term performance of each installation.
Reliable Technology and Customer Support
A stable technology platform is only one part of the equation. Equally important are efficient operational processes, strong regulatory compliance and responsive customer support. By providing clear guidance and assistance throughout every transaction, Kriptomat helps customers use its services with confidence.
Crypto ATM Users Come from All Walks of Life
One of the biggest surprises throughout the company's growth has been the diversity of its customer base.
While crypto assets are often associated with younger generations and technology enthusiasts, Bitblock's experience tells a different story. Kriptomat's services are used by people of all ages, professions and levels of experience.
Some customers are purchasing or selling crypto assets for the very first time, while others are experienced participants in the digital asset market who value the convenience and accessibility of crypto ATMs.
The continued growth in the number of users reflects the increasing acceptance of crypto assets within Croatia's financial ecosystem, as well as the growing demand for service providers that operate in a secure, transparent and fully compliant manner.
For Bitblock, earning and maintaining customer trust remains one of the most important foundations for long-term growth.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.
Photo: Boris Ščitar/ Lider
Looking Ahead
The introduction of MiCA marks a new chapter for the European crypto-asset market.
By establishing a harmonised regulatory framework across the European Union, MiCA provides greater legal certainty, stronger consumer protection and clearer rules for crypto-asset service providers.
For Bitblock, this represents an opportunity to continue expanding while maintaining the high standards of security, compliance and service quality that have shaped the company from the beginning.
Its partnership with GENERAL BYTES remains an important part of that journey. Continuous technological innovation, a reliable platform and the ability to adapt to an evolving market enable Bitblock to deliver a dependable, high-quality service to its customers.
MiCA is an important step forward for the entire industry. It strengthens customer confidence and establishes clearer rules for crypto-asset service providers. We believe that companies committed to long-term investment in compliance, security and service quality will be best positioned for the next stage of market development.
— Denis Koštić, Founder and CEO, Bitblock d.o.o.Conclusion
Since its establishment in 2020, Bitblock d.o.o., operating under the Kriptomat brand, has grown into one of the largest crypto ATM operators in the region while successfully aligning its business with the requirements of the European Markets in Crypto-Assets Regulation (MiCA).
Continuous investment in technology, risk management, information security, customer protection and regulatory compliance has enabled the company to build a sustainable business model and become one of Croatia's first MiCA-authorised Crypto-Asset Service Providers (CASPs).
For Bitblock, expanding its crypto ATM network has never been an end in itself. Rather, it is part of a broader long-term strategy focused on delivering secure, reliable and compliant crypto-asset services while supporting the responsible development of the crypto market in Croatia and across the European Union.
Thinking about MiCA licensing or upgrading your ATM network?
See how GENERAL BYTES supports operators through compliance and growth — from hardware and software to regulatory guidance.