FameEX Hot Topics | Australia Surpasses Asia in Number of Installed Bitcoin ATMs

Australia has been steadily increasing its number of crypto ATMs since the beginning of 2023, surpassing Asia in the number of installed Bitcoin ATMs. The country has moved up to the third spot, with 364 crypto ATMs installed, after months of consistent installations. Data from Coin ATM Radar shows that Australia has been actively adding avenues for fiat-to-crypto conversions, unlike leading European nations and the United States, where ATM installations have declined during the same period. In contrast, Asia, which includes major economies such as China, Japan, Singapore, and India, only hosts 355 crypto machines, representing just 1% of the total crypto ATMs installed worldwide.

It is noteworthy that the total number of crypto ATMs worldwide has shown a consistent decline, despite Australia's growth story. Cointelegraph had previously reported that the global net cryptocurrency ATMs installed had decreased by 412 machines in the first two months of 2023. Leaked internal documents from Australia's Department of the Treasury reveal that the country's crypto legislation is on the horizon. The government aims to release consultation papers in the second quarter of 2023, while the treasury has already officially released a token mapping consultation paper, laying the groundwork for forthcoming crypto regulations. Any decisions on crypto legislation will likely be pushed into 2024 since the final submissions to the cabinet are reportedly due later this year.

The increasing number of crypto ATMs in Australia reflects the country's growing interest in cryptocurrencies, which the government is now considering regulating. The crypto sector has been the subject of much debate in Australia, with the country's regulatory bodies showing a keen interest in the space. According to the Australian Securities and Investments Commission (ASIC), the country's financial regulator, the number of Australian investors in the cryptocurrency market increased by 44% between 2019 and 2020, with more than 2.6 million individuals investing in cryptocurrencies in 2020. Moreover, the Australian government is looking to utilize blockchain technology in various sectors, such as supply chain management, real estate, and public services. The country's Digital Transformation Agency is also exploring the potential of blockchain in improving the efficiency and transparency of government services.

The regulation of the cryptocurrency market in Australia is likely to be a significant development for the crypto industry, as the country has a reputation for being a crypto-friendly jurisdiction. However, there is still a long way to go, as the country's crypto sector remains largely unregulated. The new regulations are expected to provide clarity and certainty to investors and businesses operating in the sector, while also addressing the risks associated with cryptocurrencies, such as money laundering, fraud, and market manipulation.

In conclusion, Australia's growing interest in cryptocurrencies, demonstrated by the increase in crypto ATMs, combined with the government's plans to regulate the sector, suggests that the country is set to become a significant player in the global crypto industry. The country's efforts to embrace blockchain technology also highlight its commitment to innovation and digital transformation, which could have far-reaching implications for various sectors.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.