Australia has emerged as a strong contender in the global crypto ATM market, having recently surpassed Asia in the total number of crypto ATMs installed. The country currently hosts the third-largest network of Bitcoin ATMs worldwide and has experienced significant growth in installations since the beginning of 2023. In January alone, Australia climbed from the fifth to the third largest crypto ATM hub, as confirmed by data from Coin ATM Radar. As of now, Australia records 364 crypto ATMs, overtaking Asia’s tally of 355 crypto machines. In the last eight months, Australia has been consistent in adding Bitcoin ATMs, unlike leading European nations and the United States, which reported a reduction in ATM installations during that timeline.
The rise of crypto ATMs in Australia is a testament to the country’s increasing demand for cryptocurrencies. Despite this growth, the total number of crypto ATMs installed globally showed a consistent decline. In the first two months of 2023, the net cryptocurrency ATMs installed globally reduced by 412 machines, as previously reported by Cointelegraph. However, Australia’s consistent additions to its network of crypto ATMs provide a promising outlook for the future of cryptocurrencies in the country.
The growth in Australia’s crypto ATM market also comes at a time when the Australian government is planning to release consultation papers in the second quarter of 2023 regarding upcoming crypto regulations. Leaked internal documents from the Department of the Treasury suggest that crypto legislation is on the horizon. The Treasury released a token mapping consultation paper that forms the basis of upcoming regulations. However, final submissions to the cabinet are expected later in the year, implying that any decisions on crypto legislation will be pushed to 2024.
It is worth noting that the rise of crypto ATMs in Australia comes with its own set of challenges. According to a report by ABC News, Australian citizens lost almost $150M to crypto scams in 2022, reflecting an increase of 162%. Experts believe that the rise in these scams could be due to the lack of regulatory clarity around crypto-investment opportunities. Therefore, as crypto adoption continues to gain traction in Australia, it is likely that the government will focus on creating a sustainable regulatory framework to minimize the risks associated with crypto investments.
Despite the challenges, the growing adoption of cryptocurrencies in Australia is an encouraging sign for the industry. With the rise of crypto ATMs and upcoming crypto regulations, Australia is positioning itself as a favorable destination for crypto investors and entrepreneurs. The increasing demand for cryptocurrencies and the ensuing growth in the country’s crypto ATM market is a reflection of the changing financial landscape in Australia. As crypto assets continue to gain mainstream acceptance, the need for easy and secure access points to buy and sell cryptocurrencies will only increase. Australia’s strong network of crypto ATMs is poised to meet that need.
