Australia Surpasses Asia in Bitcoin ATM Installations

Australia Surpasses Asia in Bitcoin ATM Installations

According to recent reports, Australia has outpaced the entire Asian continent in the number of Bitcoin ATMs installed. This is despite the fact that Asia is home to major economies such as China, Japan, Singapore, and India. In fact, Asia accounts for only 1% of the world’s total crypto ATMs, with a mere 355 machines. On the other hand, Australia has seen a remarkable increase in the number of Bitcoin ATMs in recent years, with over 370 machines now accessible throughout the nation. 

Significance of this Move

As per experts in the industry, the rising count of Bitcoin ATMs in Australia is a clear indication of the country’s growing interest in blockchain technology and cryptocurrency. Australia has emerged as a prominent supporter of the crypto revolution, with an increasing number of businesses and individuals embracing digital currencies for investment and payment purposes. 

The surge of Bitcoin ATMs across the country is a testimony to the trend of mainstream acceptance of cryptocurrencies. As the awareness of digital currencies spreads among Australians, it is highly probable that they will incorporate them into their routine transactions.

Having said that, the increasing prevalence of Bitcoin ATMs has raised concerns among experts regarding the possibility of a surge in fraudulent activities and money laundering. These machines are often exploited by criminals to launder their proceeds and avoid detection by law enforcement agencies

Moreover, it is important to note that although Australia has experienced an increase in the quantity of crypto ATMs, the overall trend worldwide has been inconsistent. The total count of cryptocurrency ATMs installed globally has been steadily decreasing. As of the first two months of 2023, there has been a net decrease of 412 cryptocurrency ATMs installed worldwide.

New Crypto Legislation on the Way

Recently, some leaked internal documents from the Department of the Treasury in Australia suggest that the country is gearing up to introduce crypto legislation to complement its growing number of crypto ATMs. 

It is expected that consultation papers will be released in the second quarter of 2023, which is in line with the treasury’s previous release of an official token mapping consultation paper that will serve as the basis for the forthcoming crypto regulations. 

However, the final submissions to the cabinet may not be made until later in the year, indicating the possibility of a delay in any decisions related to crypto legislation until 2024.