Australia Surpasses Asia in Crypto ATM Installations
Australia has surpassed Asia in terms of the total number of crypto ATMs installed, according to data from Coin ATM Radar. The country has been on a crypto ATM installation spree since the beginning of 2023, climbing from fifth to third in January alone. Over the last eight months, Australia consistently added Bitcoin ATMs, unlike leading European nations and the United States, which reported a reduction in ATM installations during that timeline. Contradicting Australia’s crypto ATM growth, the total crypto ATMs installed worldwide showed a consistent decline. In the first two months of 2023, the net cryptocurrency ATMs installed globally reduced by 412 machines.
As of now, Australia recorded 364 crypto ATMs, while Asia, which includes major economies such as China, Japan, Singapore and India, hosts 355 crypto machines, representing 1% of the total crypto ATMs installed worldwide.
The leaked internal documents from Australia’s Department of the Treasury revealed crypto legislation is on the horizon. The Australian government plans to release consultation papers in the second quarter of 2023. The move seems plausible as the treasury had officially released a token mapping consultation paper, forming the basis of upcoming crypto regulations. However, the final submissions to the cabinet will reportedly come later in the year, which implies that any decisions on crypto legislation will be pushed to 2024.
Australia’s Crypto ATM Growth
Australia’s massive increase in crypto ATMs is a positive sign for the country’s cryptocurrency industry. The addition of more crypto ATMs will provide more avenues for fiat-to-crypto conversions, which will make it easier for people to enter the cryptocurrency market. This will also help in increasing the adoption of cryptocurrencies in the country.
The growth of crypto ATMs in Australia is in line with the country’s overall positive attitude towards cryptocurrencies. The government has been supportive of the cryptocurrency industry and has taken steps to regulate it. The country’s tax authority has issued guidelines on how to report cryptocurrency gains and losses for tax purposes. The Australian Securities and Investments Commission (ASIC) has also issued guidelines on initial coin offerings (ICOs) and cryptocurrencies.
The growth of crypto ATMs in Australia is also a reflection of the increasing demand for cryptocurrencies in the country. The country has a vibrant cryptocurrency community, and many businesses accept cryptocurrencies as payment. The growth of crypto ATMs will make it easier for people to buy and sell cryptocurrencies, which will help in increasing the adoption of cryptocurrencies in the country.
Conclusion
Australia’s surpassing of Asia in terms of the total number of crypto ATMs installed is a positive sign for the country’s cryptocurrency industry. The addition of more crypto ATMs will provide more avenues for fiat-to-crypto conversions, which will make it easier for people to enter the cryptocurrency market. The growth of crypto ATMs in Australia is also a reflection of the increasing demand for cryptocurrencies in the country. The Australian government’s plans to release consultation papers on crypto legislation in the second quarter of 2023 is also a positive sign for the country’s cryptocurrency industry. Overall, the future looks bright for cryptocurrencies in Australia.
