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Australia, home to the third-largest network of Bitcoin (BTC) ATMs globally, has overtaken the entire continent of Asia in total crypto ATM installations.
Since the start of 2023, Australia has experienced a surge in crypto ATM deployments, rising from fifth to third place in January alone. Data from Coin ATM Radar confirms that the country has maintained this momentum in expanding fiat-to-crypto conversion channels.
Crypto ATM distribution by countries and continents. Source: Coin ATM Radar
Over the past eight months, Australia has consistently added Bitcoin ATMs, contrasting with leading European nations and the United States, which reported a decline in installations during the same period.
Asia, which includes major economies such as China, Japan, Singapore, and India, hosts 355 crypto machines, accounting for 1% of the total crypto ATMs installed worldwide. After months of additions, Australia has recorded 364 crypto ATMs.
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Monthly crypto ATM installations in Australia. Source: Coin ATM Radar
Contradicting Australia’s growth, the total number of crypto ATMs installed worldwide has shown a consistent decline. As previously reported by Cointelegraph, in the first two months of 2023, the net number of cryptocurrency ATMs installed globally decreased by 412 machines.
Related: Australian crypto scams increased by over 162% with nearly $150M lost
Complementing the country’s significant increase in crypto ATMs, leaked internal documents from Australia’s Department of the Treasury indicate that crypto legislation is imminent.
As reported by Cointelegraph, the Australian government plans to release consultation papers in the second quarter of 2023. This move appears plausible given that the Treasury had officially released a token mapping consultation paper, which forms the basis of upcoming crypto regulations.
Consultation open! Today we released the token mapping consultation paper. This consultation is part of a multi step reform agenda to develop an appropriate regulatory setting for the #crypto sector. Read paper & submit views @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp
— Australian Treasury (@Treasury_AU) February 2, 2023
However, final submissions to the cabinet are expected later in the year, implying that any decisions on crypto legislation will likely be pushed to 2024.
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